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TMI Blog2019 (2) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... CESTAT CHENNAI] has held that there was no liability towards interest or penalty. The interest and penalty cannot be sustained - appeal allowed - decided in favor of appellant. - Appeal No. E/42581/2017 - Final Order No. 42941/2018 - Dated:- 4-10-2018 - Shri P. Dinesha, Member (Judicial) Shri. M. N. Bharathi, Advocate for the Appellant Shri. R. Subramaniyan, AC (AR) for the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d separate accounts, they ought to have exercised their option to either pay 5% of the value of the exempted goods or pay the amount equivalent to the CENVAT Credit attributable to inputs and input services used in or in relation to the manufacture of exempted goods; that on being pointed out, the appellant reversed ₹ 24,89,387/- being the CENVAT Credit attributable to input services used in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of the assessee and Ld. AC (AR) Shri. R. Subramaniyan represented the Revenue. 3. I have heard the rival contentions, perused the materials placed on record and have also gone through the judgements referred to during the course of arguments. 4.1 During the course of hearing, Ld. Advocate submitted that on an identical set of facts, this very Chennai Bench of the CESTAT in the case of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y stated as taken and utilized . Therefore, it is quite clear that mere taking itself would not compel the assessee to pay interest as well as penalty. Further, as pointed out earlier, the subsequent amendment has given befitting answer to all doubts existed earlier. Since, the subsequent amendment has cleared all doubts existed earlier in respect of Rule 14 of the said Rules, it is needless to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to distinguish the above case nor was he able to file any contrary decisions. 6. In view of the above, I am of the considered opinion that the interest and penalty cannot be sustained for which reason, I set aside the demand and the impugned Order and allow the appeal filed by the assessee. (Operative part of the order was pronounced in open Court) - - TaxTMI - TMITax - Central Excis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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