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of <h1>Appellate Tribunal: No Interest Payable on Reversed Credit Before Use</h1> The Appellate Tribunal CESTAT CHENNAI ruled that interest is not payable when credit is reversed before utilization, following the precedent set in the ... Liability of interest - the appellants have reversed the credit taken wrongly before utilization of the same - Held that: - similar issue decided in the case of Indo Shell Mould Ltd. Vs. CCE, Coimbatore [2010 (3) TMI 512 - CESTAT, CHENNAI], where in the light of the decision of Ind-Swift Laboratories Ltd. v. UOI [2009 (7) TMI 98 - PUNJAB & HARYANA HIGH COURT], it was held that no interest is chargeable - appeal allowed - decided in favor of assessee. The Appellate Tribunal CESTAT CHENNAI ruled that interest is not payable when credit is reversed before utilization, citing the case of Indo Shell Mould Ltd. Vs. CCE, Coimbatore. The impugned order was set aside and the appeal was allowed.
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