TMI BlogRecovery of interest and imposition of penalty under Sections 77 & 78 is justified - Rule 14(1)(i) of...Recovery of interest and imposition of penalty under Sections 77 & 78 is justified - Rule 14(1)(i) of CENVAT Credit Rules, 2004 provides that where the CENVAT Credit had been taken wrongly but not utilized, the same shall be recovered under the provisions of Section 11A of the Central Excise Act, 1944 and Section 73 of the Finance Act, 1994 as the case may be. Further Rule 14(1)(ii) provides that where CENVAT Credit has been taken and utilized wrongly or has been erroneously refunded the same sh..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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