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2015 (10) TMI 108 - AT - Central ExciseDemand of interest on reversal of cenvat credit - Reversal of CENVAT credit if goods are not returned from the Job worker within 180 days - Demand of interest and penalty - Held that:- Karnataka High Court [2011 (4) TMI 969 - KARNATAKA HIGH COURT] as well as Hon’ble Madras High Court [2014 (11) TMI 89 - MADRAS HIGH COURT] in the cases have considered the decision of Hon’ble Supreme Court made in the case of UOI Vs. Ind-Swift Laboratories Ltd. [2011 (2) TMI 6 - Supreme Court] and have come to the conclusion that wherever CENVAT credit has wrongly been taken but not utilised, the interest is not payable. The Hon’ble Karnataka High court in the said decision says that before utilisation of credit if the entry has been reversed, it amounts to not taking credit. - cases where CENVAT credit though wrongly taken not utilised, interest and penalty cannot be recovered from assessee. - Decided in favour of assessee.
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