2017 (2) TMI 1038

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....there is none for the appellants. In the notice, it was expressly stated that this was the last chance for the appellants. On previous hearing too, there was no representation on behalf of the appellants on 25.10.2016. Earlier to that, the matter was adjourned at their request on 18.05.2016 and 03.08.2016. In these circumstances, the matter, being ten years old, is taken up for final disposal. 2.....

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.... 1999, Rule 57F(17) was retrospectively amended. The amended Rule 57F(17) reads as follows:- "Notwithstanding "(17) anything contained in sub-rule 12 or rule 57A, any credit of specified duty lying unutilized,- (a) .......... (b) On the first day of March, 1997, with the manufacturer of bulk drugs falling under Chapter, 28 or 29 and with the manufacturers of black and white picture tubes falli....

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....sis has upheld the adjudication order. 3. The Ld. A.R. for the Revenue submitted a copy of the relevant Finance Act, 1999 and submitted that the assent of the President to Finance Act, 1999 was received on 11.05.1999. He also relied upon on the following case laws on the issue of limitation:- (i) Abhinav Industries Vs. CCE, Jaipur-I - 2011 (264) E.L.T. 538 (Tri. -Del) (ii) SKH Auto Components ....

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....the Finance Act, 1999 clearly says that in the event of non-payment of such Cenvat Credit within a period of thirty days of the receipt of assent of the President to the Finance Act, 1999, interest at a rate of 36% would be payable. Since the law is clear about the date of application of the interest as well as the rate of interest, charging the interest with effect from 07.09.1998 is contrary to ....