2014 (2) TMI 497

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....n of pre-deposit of interest and penalty as the appellant had already reversed the CENVAT credit, I proceed to dispose of the appeal itself as the short issue is involved. 2. The appellant wrongly availed CENVAT credit of Rs.83,414/- on the input services which were used by them for trading of the goods. The said credit was taken on 31.03.2007. During audit, it was pointed out that in as much as ....

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....s already reversed the CENVAT credit and in terms of the law declared by the Hon'ble High Court of Punjab & Haryana in the case of Indo-swift Laboratories Ltd. Vs. Union of India reported in 2009 (240) E.L.T. 328 (P&H), laying down that in such a situation no penalty or interest would be called for. 4. The said order of the original adjudicating authority was appealed against by the Revenue befor....

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....in the case of Indo-Swift Laboratories Ltd. Vs. Union of India stands taken note of by the Hon'ble High Court of Karnataka in the case of C.C.E. Bangalore, Vs. Bill Forge Pvt. Ltd., reported in 2012 (279) E.L.T. 0209 (Kar) and after interpreting the said decision of the Hon'ble Supreme Court, the Hon'ble High Court has held that where the credit remains unutilised and on paper entry only, the same....