2011 (1) TMI 83

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.... Per M. Veeraiyan:   Heard both sides.   2. The appellant has been denied credit of Rs.2,60,081/- relating to the period July, 96 to January, 98 on the finding that the they have not proved that the goods have been received and utilised in the manufacture of excisable goods.   3. Learned Advocate appearing for the appellants submits that they are not contesting the demand....

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....already paid the entire penalty on 2.6.2009 and excess amount should be adjusted towards interest liability.   6.1 I have carefully considered the submissions from both the sides and perused the records. The duty demand is not being disputed before me. The only issue to be decided is whether the concessional penalty as provided in terms of proviso to section 11AC could be extended or not. ....

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.... in the matters of penalty levied under Section 11AC and when the duty amount is paid before issuance of show cause notice, the penalty is reduced to 25% of the duty amount. If the duty amount with interest is not paid in time and even reduced penalty of 25% of the duty amount is not paid in time and option is not given to the respondent assessee, we have taken the view that such option should be ....