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of <h1>High Court rules no interest due for unutilized Modvat credit</h1> The High Court dismissed the revenue's appeal on the recovery of interest for wrongly availed Modvat credit by an assessee in 1998. The Tribunal held that ... Interest on Cenvat/Modvat credit – Assessee claimed for modvat credit and it also credited the amount in RG-23A Part-II but not utilised it – Held assessee not liable to pay interest The High Court dismissed the appeal by the revenue regarding the recovery of interest on wrongly availed Modvat credit by an assessee in 1998. The Tribunal ruled that the assessee did not actually avail of the credit but only made an entry in the Modvat record, therefore interest was not payable. No substantial question of law was found to arise.
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