2014 (11) TMI 793

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Shri K. Sivakumar, Addl.Commissioner (AR) ORDER Per: M.V. Ravindran; 1. This Stay Petition is filed for waiver of pre-deposit of an amount of Rs. 90,58,312/- confirmed as in-eligible CENVAT Credit, interest thereof and equivalent amount of penalty. 2. The above said amounts have been confirmed by the adjudicating authority as in-eligible CENVAT Credit of Central Excise duty paid on tip....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t. He would submit that there is no suppression of facts with an intention to evade duty, in as much as in the case of Ganta Ramanaiah Naidu Vs CCE Guntur - 2010 (18) STR 10 (Tri-Bang), the co-ordinate Bench of the Tribunal has set aside the penalties imposed on the said assessee, holding that there could be a bonafide belief. It is his submission that an identical issue in this case appellant had....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... retrospective nature and could be applied for the period May 2008 to March 2009. The said notification is very clear as inserting sub-clause 'C' in Rule 2 of CENVAT Credit Rules, 2004 and nowhere it mentions that the said notification is of retrospective nature. We find that on an identical issue in the case of Ganta Ramanaiah Naidu (supra), co-ordinate Bench had taken a view that Central Excise ....