2011 (1) TMI 533

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....Malimath, JJ. REPRESENTED BY : Shri Y. Hari Prasad, Advocate, for the Appellant. Shri Chandrakumar & Associates, Advocate, for the Respondent. [Judgment per : N. Kumar, J.]. - This appeal by the revenue holding that proportionate reversal of Cenvat credit taken on the inputs which are utilized for the manufacture of exempted product, is enough to satisfy the provisions of Rule 6(2) and....

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.... against the said demand, a sum of Rs. 72,699/- is already paid by him was appropriated and a demand was also issued for interest and a penalty of Rs. 8,99,035/- is also. It is this order which is reversed both by the 1st appellate authority and 2nd appellate authority. 3. Therefore, the question for consideration in this appeal is, when the assessee during the course of production of stea....