2012 (5) TMI 270

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..... interest on such credit, as per provisions of Rule 14 of CENVAT Credit Rules if the credit has been taken wrongly the manufacturer is liable for interest. The Appellants only contested the demand of interest on the ground that the same was not utilized, no merit in the contentions of the Appellants hence the Appeal is dismissed. Stay Petition is also dismissed - E/28/2011 - - - Dated:- 6-6-201 .....

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..... factory within 180 days and Appellants are required to reverse the credit as per Rules. Appellants had not reversed the credit and the demand is in respect of interest on such credit. The Hon'ble Supreme Court in the case of Ind-Swift Laboratories Ltd. (supra) held that as per provisions of Rule 14 of CENVAT Credit Rules if the credit has been taken wrongly the manufacturer is liable for interest. .....

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