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2010 (4) TMI 738 - ALLAHABAD HIGH COURTInterest - CENVAT credit - The Assessee had paid Central Excise Duty in excess - The purchasers have reversed the Cenvat Credit in their Cenvat account - the Assessee has taken Cenvat Credit but the same was not utilized for payment of duty and subsequently, the Assessee has reversed the Cenvat Credit entry in the Cenvat account - The Apex Court in the case of Commissioner of Central Excise, Mumbai-I v. Bombay Dyeing & Manufacturing Company Limited, reported in (2007 -TMI - 1558 - Supreme Court) has held that where before the utilization of the credit amount if the entry is reversed it amounts to not taking credit - Once the credit is reversed before its utilization in the Cenvat account it does not amount to taking of credit - Thus, the provisions of Rule 14 of Cenvat Credit Rules and Section 11AB of the Act are not attracted and neither the penalty nor the interest is chargeable.
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