2003 (4) TMI 144

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....amining the records and hearing both sides, I am of the view that the appeal not only merits to be admitted but also requires to be disposed of instantly. After granting waiver of pre-deposit of the interest and penalty amounts involved in this case, I proceed to deal with the appeal. 3. The appellants had taken Modvat credit to the tune of Rs. 5,19,262/- on High Speed Diesel Oil (input) during....

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....ted upon by the jurisdictional Assistant Commissioner on 31-1-2002. The adjudicating authority confirmed the demand of duty of Rs. 5,19,262/- against the appellants under Rule 57-I, demanded interest on the duty and imposed a penalty of Rs. 50,000/- on them. In the appeal preferred by the party against the order of the original authority, the Commissioner (Appeals) modified the lower authority's o....

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....redit in respect of HSD oil as input or capital goods during the period December, 1997 to March, 1998, coming within the period covered by Section 112(1) of the Finance Act, stands squarely covered against the appellants by the above provisions. The only surviving questions in this case are in relation to interest and penalty. Clause (b) of sub-section (2) of Section 112 ibid provided for the reco....