2009 (9) TMI 350

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....cate, for the Appellant. Shri Anil Khanna, SDR, for the Respondent. [Order per: M. Veeraiyan, Member (T) (Oral)]. - Heard both sides on the stay petition for a while and considering the issue involved, it was felt that the appeal itself could be disposed of and, accordingly, pre-deposit of dues as per the impugned order is waived and appeal is taken up for final disposal. 2. The relevant facts,....

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..... In addition, a penalty of Rs.10 lakhs was also imposed. 3. Learned Advocate for the appellant submits that it was due to misunderstanding that they have taken the credit; they have not utilized the credit. They have not availed any benefit as they have not utilised the said credit. Therefore, the demand of interest on the credit taken wrongly but lying unutilized and imposition of penalty are n....

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....is mutandis for effecting such recovery. 5. We have carefully considered the submissions made from both sides. In the present case, the appellants have apparently taken the credit which was not admissible to them. There is no dispute about reversal of the credit. It was submitted on behalf of the appellant that the credit wrongly taken has been reversed on being pointed out by the Department. The....