2017 (5) TMI 550

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.... Sh. Harvinder Singh, AR for the Respondent(s) ORDER Per : Ashok Jindal The appellant are in appeal against the impugned order. 2.   The brief facts of the case are that during the course of investigation on 17.02.2005, it was found that the appellant has procured only invoices on 10.02.2005 and not received the goods which have been sold in the open marked. Therefore, the....

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....nd Cenvat Credit reversed on 19.02.2005 within the same month therefore, demand of interest is not sustainable. As demand of interest has not sustainable, therefore, penalty on the main party is also not sustainable, therefore, impugned order is to be set aside. 4.   On the other hand, Ld. AR submits that as per Section 11 AC of the Act that if assessee has paid interest and penalty a....

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....ces, demand of interest is not sustainable. As duty already being paid and there is no demand of interest therefore, as per the  provision of Section 11 AC of the Act, penalty on the main party is required to be imposed to the tune of 25% of the duty involved. Therefore, penalty is reduced to the 25% of the duty which have already been paid by the appellant and the said penalty is payable by ....