Interest on Reversed Irregular CENVAT Credit Applies Prospectively, Not Retrospectively, per Amended Rule 14 of Cenvat Credit Rules.

Liability of interest on reversal of irregular CENVAT Credit, before the amendment to Rule 14 - credit availed but not utilized - The amendment to Rule 14 of the Cenvat Credit Rules, 2004, would apply only with prospective effect and not with retrospective effect. - Liability of interest confirmed. .....

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