2014 (1) TMI 624

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..... as and - for levy of interest on an amount of CENVAT credit wrongly taken and subsequently reversed, non-utilization of such credit is immaterial - Whether or not utilized, CENVAT credit in question would carry interest under Rule 14 from the date of taking to the date of reversal – Following UOI and Ors. Versus Ind-Swift Laboratories Ltd. [ 2011 (2) TMI 6 - Supreme Court] - The appellant is dire .....

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..... ges prior to October 2008. They realized their mistake, when pointed out by the auditors of the department, whereupon the entire CENVAT credit was reversed in October 2008. A show-cause notice was issued essentially for recovery of interest on CENVAT credit which was found to have been irregularly taken and subsequently reversed. After considering the submissions of both sides, I am of the prima f .....

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..... 14 could not be read as and. In other words, for levy of interest on an amount of CENVAT credit wrongly taken and subsequently reversed, non-utilization of such credit is immaterial. Whether or not utilized, CENVAT credit in question would carry interest under Rule 14 from the date of taking to the date of reversal. The learned Consultant has pointed out that the apex court s judgment was also co .....

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