Tribunal orders reversal of denied Cenvat credit, waives penalties on compliance.

The Appellate Tribunal CESTAT NEW DELHI directed the applicant to reverse the denied Cenvat credit, leading to the waiver of pre-deposit of penalties in a case where the demand was confirmed. Compliance was adjourned to June 19, 2008.

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The Appellate Tribunal CESTAT NEW DELHI heard a case where the applicant sought waiver of pre-deposit of duty and penalties. The demand was confirmed after denying Cenvat credit. The Tribunal directed the applicant to reverse the credit immediately, and upon doing so, the pre-deposit of penalties was waived. Adjourned for compliance to June 19, 2008.

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