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TMI Blog2024 (9) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... n input service i.e. trading activity therefore, in view of the various judgments relied upon by the appellant, it is settled law that once the proportionate credit attributed to common input services has been reversed, no demand at the rate of 6% of the difference between the purchase price and sale price is sustainable. As regards the correctness of the reversal of credit, the Revenue can verify the same. Since the appellant have reversed the credit belatedly, it is their submission that during the relevant time they have not utilised the Cenvat credit and maintained the balance more than the amount to be reversed therefore, interest is not payable in terms of Rule 14 prevalent at the relevant time. Interest on delayed reversal of proport ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd sale price of the traded goods. As regards the interest on delayed reversal of proportionate credit, he submits that since the appellant have maintained unutilised credit balance more than the amount of reversal and the same was not utilised in terms of Rule 14 during the relevant time, the interest is not payable. He placed reliance on the following judgments- (a) Emami Limited vs. C.C.E S.T. -Valsad - 2023 (8) TMI 1232 CESTAT Ahmedabad (b) M/s Central UP Gas Ltd. vs. Commissioner of Customs, Central Excise Service Tax, Kanpur 2024 (6) TMI 491 CESTAT Allahabad (c) Biochem Pharmaceuticals Industries Ltd. vs. C.C.E. S.T. Daman. 2021 (10) TMI 1285 CESTAT Ahmedabad (d) M/s. Steel Authority of India Limited vs. Commissioner OF Central Excise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot utilised, the same shall be recovered from the manufacturer or the provider of output service, as the case may be, and the provisions of section 11A of the Excise Act or section 73 of the Finance Act, 1994 (32 of 1994), as the case may be, shall apply mutatis mutandis for effecting such recoveries; (ii) Where the CENVAT credit has been taken and utilised wrongly or has been erroneously refunded, the same shall be recovered along with interest from the manufacturer or the provider of output service, as the case may be, and the provisions of sections 11A and 11AA of the Excise Act or sections 73 and 75 of the Finance Act, 1994, as the case may be, shall apply mutatis mutandis for effecting such recoveries. As per the above Rule 14 it is cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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