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2009 (7) TMI 98 - PUNJAB & HARYANA HIGH COURT
Interest on reversal of Cenvat credit – Held that - Interest cannot be claimed simply for the reason that the CENVAT credit has been wrongly taken as such availment by itself does not create any liability of payment of excise duty - that interest cannot be claimed from the date of wrong availment of CENVAT credit. The interest shall be payable from the date CENVAT credit is wrongly utilized - amount of Rs. 50 lacs was deposited on 8-3-2006, but PLA account having been debited on 31-1-2007 - once the assessee has deposited a cheque in bank and the same has been honoured and the bank gives receipt stamp on TR-6 challans, the same shall be treated as ‘credited to the account of the Central Government’ – interest is payable only upto 8-3-2006