2001 (11) TMI 183

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....ns deposited the duty amounts of Rs. 7 lacs, Rs. 10 lacs and Rs. 25 lacs under the TR 6 challans for payment of duty with the designated bankers but the cheques were credited to the Government accounts on later dates. The delay in credits ranged from one day to eleven days. They, however, took the credit of these amounts in their PLA accounts without awaiting the clearance of the cheques by the co....

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....are not in dispute. The party took the credit of the amounts in their PLA for the cheques deposited in favour of the Government without awaiting their clearance and cleared the goods against such credits which actually were not available to them. In terms of the provisions of Rule 173G, it is clearly directed that every assessee shall keep an account-current and shall periodically make credit in s....