2002 (1) TMI 1023

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....i D.N. Choudhary, JDR, for the Respondent. [Order per : G.R. Sharma, Member (T)]. -  M/s. Jatin Tracks Ltd. have filed this appeal. Being aggrieved by the impugned order dt. 9-8-2001 passed by the ld. Commissioner (Appeals) disallowing Modvat credit taken on the strength of invoices issued by the suppliers and imposition of penalty of Rs. 60,000/-. 2. The facts of the case brief....

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....rically held that- "The interest could not be taken to be a part of the duty, it was only by way of penalty which the manufacturers became liable to pay, for having defaulted in discharging the appropriate duty on the inputs in time. Therefore, omission on their part to pay interest on the delayed payment of the appropriate duty on the inputs could not be made the basis for disallowing the deem....