2014 (1) TMI 624

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....li, A.R. ORDER This application filed by the appellant seeks waiver of predeposit and stay of recovery in respect of an amount of interest of Rs. 66,979/-demanded under Rule 14 of the CENVAT Credit Rules 2004 read with Section 11AB of the Central Excise Act and a penalty of Rs. 4,47,829/- imposed under Rule 15 of the CENVAT Credit Rules 2004 read with Section 11AC of the Central Excise Act. ....

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....as held to the effect that the person who has irregularly taken MODVAT/CENVAT credit and has not utilized it does not have liability to pay interest thereon till the date of reversal of credit. Per contra, the learned Dy. Commissioner (A.R.) has claimed support from Union of India Vs. Ind-Swift Laboratories [2011 (265)E.L.T. 3 (S.C.)] wherein Rule 14 of the CENVAT Credit Rules 2004 was interpreted....