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TMI Blog2020 (2) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... no indication in the order that the interest should be calculated only up to 16th March 2012. A plain reading of this order, therefore, shows that it was left to the lower authority to calculate interest as applicable under the Law. The interest must be calculated as per law i.e. up to 16th March 2012 only in respect of CENVAT credit which has been taken but not utilised and thereafter only if CENVAT credit has been taken and also utilised - in respect of CENVAT credit which has been taken but not utilised and it should be calculated beyond this period only in respect of CENVAT credit which has been taken and also utilised. The appeal is remanded to the original authority for the limited purpose of this computation. - Central Excis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... calculated was ₹ 9,38,814/- for the period November 2008 to 31st January 2013. The total amount so calculated amounted to ₹ 9,38,814/-. He would submit that the calculation of interest was made in terms of Rule 14 of CENVAT Credit Rules 2004. In this Rule there was an amendment made with effect from 17th March 2012. By CENVAT Credit (3rd amendment) Rule 2012, Rule 14 of these Rules has been amended to the effect that interest became payable on CENVAT Credit taken and utilised wrongly instead of taken or utilised wrongly as was applicable prior to this amendment. He would submit that throughout the period, they had maintained sufficient balance of CENVAT Credit in their account therefore they had taken the CENVAT credit but h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the CESTAT and the actual calculations are left to the lower authorities to carry out. There is no indication that the interest should be calculated up to 31st January 2013. There is also no indication in the order that the interest should be calculated only up to 16th March 2012. A plain reading of this order, therefore, shows that it was left to the lower authority to calculate interest as applicable under the Law. 5. I, therefore, find that the interest must be calculated as per law i.e. up to 16th March 2012 only in respect of CENVAT credit which has been taken but not utilised and thereafter only if CENVAT credit has been taken and also utilised. From the records of this case, I am unable to determine whether CENVAT credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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