2012 (7) TMI 947

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....ccasions. No one, however, appeared on behalf of the Respondents. A show cause notice, being C.No. V(72)(15)55/APP/ADJ/JSR/ 07/7947 dated 31st September, 2007, was issued to the petitioner inter alia alleging that the petitioner had irregularly availed CENVAT Credit of Rs. 62,20,990/- during the period from July 2005 to December 2005, the benefit of which had been passed on to Tata Steel Ltd. By an order of adjudication dated 2nd January, 2009, the Commissioner of Excise imposed on the petitioner a penalty of Rs. 62,20,990/- under Rule 26(2) of the Central Excise Rules 2002 for willfully passing on benefit of credit of CENVAT to M/s. Tata Steel Ltd., Jamshedpur. Rule 26 of the Central Excise Rules, as it stood at the material time ....

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....e been invoked in respect of any ineligible benefit under the CENVAT Credit Rules, 2004 taken during the period prior to 1st March, 2007, as in the instant case. Being aggrieved by the imposition of penalty of Rs. 62,20,990/-, the petitioner filed an appeal before the Central Excise & Service Tax Appellate Tribunal, hereinbefore referred to as CESTAT and also filed a miscellaneous application for stay. By an order no.S-223-224/Kol/2011 dated 15th September, 2011, SESTAT directed the petitioner to make a pre-deposit of Rs. 10 lakhs within a period of eight weeks from the date of communication of the said order. The petitioner filed a miscellaneous application for variation of the aforesaid order, which was disposed of by the impugne....