TMI Blog2017 (12) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... redit and utilize it - Held that: - When the Rule 14 was amended the effect of amended rule has to be given for the period on or after 17-3-2012 according to the amended provision for the period after 17-3-2012 interest is chargeable only when the assessee not only taking credit but also utilized the same - In the facts of the present case, appellant admittedly though taking credit but the same wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the period April, 2011 to March, 2012 till the date of reversal. The Rule 14 was amended on 17-3-2012 vide Notification No.18/2012-CE(N.T.) dated 17-3-2012, according to which interest is chargeable in case assessee take and utilize the Cenvat credit whereas prior to 17-3-2012 unamended Rule 14 provided that interest is chargeable in case assesee take or utilized Cenvat credit wrongly. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 013 but after amendment on 17-3-2012 interest was chargeable only when credit is not only taken but also they utilized. He further submits that though the credit was taken from April, 2011 onwards but it was lying unutilized on 17-3-2012 therefore on unutilized Cenvat credit, interest was not chargeable w.e.f. 17-3-2012. 3. On the other hand, Shri. H.M. Dixit, Ld. Asstt. Commissioner(A.R.) appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h period interest was chargeable only when the assessee takes the credit and utilize it. I find that before 17-3-2012 according to unamended provision of Rule 14 interest was chargeable on wrongly taken credit even though such credit was not utilized, therefore as per the fact of the present case for the period April, 2011 to March, 2012, whatever credit was availed and even if not utilized intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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