2004 (3) TMI 305

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....he appellants herein took excess Modvat credit of Rs. 59,59,044 on 5-4-2001. Subsequently, on detecting the mistake they reversed the amount on 6-10-2001. A show cause notice dated 24-9-2002 was issued to them proposing confirmation of the reversal of credit and proposing levy of interest and imposition of penalty. The Assistant Commissioner charged interest of Rs. 6,15,495/- holding that although....

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....1 which is the date on which excess credit was taken and since the duty became payable prior to 11-5-2001, the interest could not be levied as admittedly no fraud/collusion/suppression of facts etc, was involved. On the other hand, it is the contention of the ld. D.R. that although duty became payable in April, 2001, it continued to remain payable until October, 2001 when it was actually paid and ....

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....rest in terms of Sec. 11AB is not leviable in respect of the demand for the period prior to 11-5-2001 as there was no fraud/collusion suppression of facts etc. on the part of the appellants. In that case, the duty was payable for the period from March, 2001 to December, 2001 and the Tribunal held that the appellants were liable to pay interest under Sec. 11AB only in respect of duty which became p....