2016 (11) TMI 1109

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..... Nair, EO (AR), for the Respondent. ORDER The applicant filed this stay application in respect of interest demanded in the adjudication order. In the impugned order the adjudicating authority confirmed the demand of Cenvat credit amounting to Rs. 10,90,44,216/-, the same was reversed by the applicant before issuance of show cause notice hence the same was appropriated. In addition to the re....

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....ty. Therefore, the applicant is required to deposit 7.5% of the interest amount in terms of Section 35F of the Act. 4. I have carefully considered the submissions made by both the sides. I find that for filing the appeal the applicant is required to comply with the provisions of Section 35F of the Act which is reproduced below : "Section 35F. Deposit, pending appeal, of duty demand....

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....e so as to safeguard the interests of revenue. Provided further that where an application is filed before the Commissioner (Appeals) for dispensing with the deposit of duty demanded or penalty levied under the first proviso, the Commissioner (Appeals) shall, where it is possible to do so, decide such application within thirty days from the date of its filing. Explanation. - For the purposes ....

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.... required to be deposited, in the present case there is a dispute of interest and penalty. As per the plain reading of the Section 35F of the Act, in the present case also only 10% of the penalty is required to be deposited for filing an appeal which the applicant have already deposited. As regards the contention of the ld. AR that 7.5% of interest should also be deposited, I completely disagree w....