2013 (11) TMI 1160

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....R Per : Mr. M.V. Ravindaran; This stay petition is filed for the waiver of pre-deposit of amount of interest of Rs. 58,190/- and penalty of Rs. 3,31,398/-. The above said amount of interest and penalty has been imposed and demanded on the ground that appellant has availed ineligible Cenvat credit and have reversed the same on being pointed. 2. After hearing both sides for sometime on the ....

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....issions made by the learned counsel and learned departmental representative, I find that inasmuch as the imposition of penalty is concerned, the arguments put-forth by the learned counsel merits acceptance. As regards the interest liability, I find that the issue needs deeper consideration as the judgment of the Hon'ble High Court Karnataka in the case of Bill Forge Pvt. Limited, which has disting....