2017 (5) TMI 668

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....i Guna Ranjan, Superintendent (AR) for the Respondent ORDER The above appeal is filed by the appellant aggrieved by the confirmation of interest and penalty. 2.   The appellants are engaged in manufacture of hermetically sealed compressors and parts thereof. During the course of audit, it was noticed for the year 2008-09, the appellants had written off obsolete items (inputs) va....

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....ence this appeal filed by the assessee/appellant. 3.   On behalf of the appellant, the learned counsel Shri G. Prahlad submitted that the appellant is contesting only the interest and penalty. The irregularly availed credit has been reversed by the appellant immediately on being pointed out by the Department. The appellant had sufficient balance at the time of taking credit as well as....

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.... the appellants did not have sufficient balance during the relevant time, the above judgment relied by appellant would not apply. 5.   I have heard the submissions made before me. The issue that poses for consideration is whether the appellants are liable to pay interest and penalty when the irregularly availed credit has been reversed before utilisation. The issue stands settled by t....