https://www.taxtmi.com/caselaws?id=34300 A sanctioned BIFR revival scheme for a sick industrial company, read with the overriding effect of section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, was treated as controlling the covered excise liabilities. Where the scheme expressly waived penal interest, interest and penalties, those demands were unsustainable. The note also records that duty already debited through available Cenvat credit could constitute valid discharge of the duty liability, and a direction requiring first payment through PLA followed by re-credit could not be enforced for the covered amount. The stated result was relief to the assessee on interest, penalty, and the disputed payment mode. en-us Thu, 19 Feb 2009 00:00:00 +0530 Tue, 16 Mar 2010 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34300 A sanctioned BIFR revival scheme for a sick industrial company, read with the overriding effect of section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, was treated as controlling the covered excise liabilities. Where the scheme expressly waived penal interest, interest and penalties, those demands were unsustainable. The note also records that duty already debited through available Cenvat credit could constitute valid discharge of the duty liability, and a direction requiring first payment through PLA followed by re-credit could not be enforced for the covered amount. The stated result was relief to the assessee on interest, penalty, and the disputed payment mode. Case-Laws Central Excise Thu, 19 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34300