2006 (4) TMI 158

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..... onferrous materials obtained by breaking of old ships. The respondent was availing Cenvat credit under Rule 57AB of the erstwhile Central Excise Rules, 1944 (now Rule 3 of Cenvat Credit Rules, 2002). The respondent is importing old ships for breaking and is availing of the credit of additional custom duty paid on the ships as Cenvat credit, and is utilizing the same for fulfilling the duty liabili .....

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..... ed by order dated October 31, 2003. Thereafter, the assessee filed an application for rectification of mistake, and pointed out that points regarding non-chargeability of interest on unutilized Cenvat credit were not considered. The CESTAT, Mumbai allowed the application by order dated January 4, 2005. Aggrieved by the said order, the appellant has filed the instant appeal. 3. This Court has hea .....

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..... it lying unutilized is not correct in law. We, therefore hold that the applicants are not liable to pay interest on the Amount of credit, which was lying unutilized and which has been ordered to be reversed." The learned Counsel for the appellant could not point out any infirmity in the order referred to above. Under the circumstances, the substantial question of law, as suggested by the appella .....

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