M.V.RAVINDRAN,MEMBER (J) - (1.) THIS stay petition is filed for waiver of pre -deposit of the following amounts : - (a) Interest - Rs. 2,50,177/ - (b) Penalty - Rs. 27,33,155/ -
(2.) HEARD both sides and perused the records.
(3.) AFTER hearing both sides on merits of the case and on the stay petition, we find that the appeal itself could be disposed off at this juncture since the issue involved is in narrow compass. After allowing the stay petition for waiver of pre -deposit of amount, we take up the appeal for disposal. On perusal of the records, we find that the demand of interest has arisen on the ground that the appellant has availed Cenvat credit on the inputs which were used in production of exempted as well as dutiable products. Ld. Counsel brings to our notice that the appellant has reversed the entire amount attributable to the credit taken which were utilized in exemption products. He also brings to out notice that the fact that the appellant has not utilized the amount which were sought to be reversed by the Department. He specifically takes up through the findings of Adjudicating Authority which has been upheld by the ld. Commissioner (Appeals). He would also brings to out notice the judgment of the Honble High Court of Ind -Swift Laboratories Ltd. v. UOI [2009 (240) E.L.T. 328 (P and H)].;