TMI Blog2017 (12) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... ide. Interest - Held that: - Since Rule 14 was amended from 1-4-2012 interest thereafter would be chargeable only when Cenvat credit was taken and utilized. Therefore after 1-4-2012 interest would not be chargeable when the credit was not utilized - interest on the Cenvat credit is chargeable upto 31-3-2012 and interest from 1-42012 is set aside. Appeal allowed in part. - E/85554 TO 85557/17 - A/91138-91141/2017 - Dated:- 17-11-2017 - Mr. Ramesh Nair, Member(Judicial) Shri. P.K. Shetty, Advocate for the Appellants Shri. V.K. Agarwal, Addl. Commissioner(A.R.) for the Respondent ORDER The appellant have availed Cenvat credit on input, capital goods and input service. On being pointed out, appellant reversed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on behalf of the Revenue reiterates the findings of the impugned order. He further submits that as per Hon ble Supreme Court decision in case of Union of India Versus Ind-Swift Laboratories Ltd. - 2011 (265) E.L.T. 3 (S.C.) appellant even though not utilized Cenvat credit liable to pay interest from taking Cenvat credit till the payment thereof. He also placed reliance on the following judgments: (a) Commissioner of Central Excise, Pane-I Vs. GL V India Pvt Ltd [2015(321) ELT 611 (Bom)] (b) J.K. Tyre Industries Ltd Vs. Asst. Commr. of C. Ex. Mysore[2016(34) ELT 193(Tri. LB)] (c) Commissioner of C. Ex. S T. LTU, Bangalore Vs. Bill Forge Pvt ltd[2012(279)ELT 209(KAR)] (d) Commissioner of C. Ex. cus., Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that interest is chargeable even when assessee has not utilized the credit. Therefore following the said Hon'ble Bombay High Court judgment, I am of the view that interest is chargeable on the Cenvat credit availed up to the period of 31-3-2012. Since Rule 14 was amended from 1-4-2012 interest thereafter would be chargeable only when Cenvat credit was taken and utilized. Therefore after 1-4-2012 interest would not be chargeable when the credit was not utilized. In the result, I hold that penalty under Section 11AC is set aside, interest on the Cenvat credit is chargeable upto 31-3-2012 and interest from 1-42012 is set aside. Appeal is partly allowed in the above terms. (pronounced in court) - - TaxTMI - TMITax - Central Exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
