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<h1>Appellate Tribunal rules interest not imposed on unutilized Modvat credit. Fuel oil, foodstuff not eligible.</h1> The Appellate Tribunal CESTAT, Mumbai ruled in favor of the applicants, stating that interest cannot be imposed on unutilized Modvat credit. It was ... Rectification of mistake The Appellate Tribunal CESTAT, Mumbai allowed the application stating that interest cannot be levied on Modvat credit lying unutilized and ordered to be reversed. Fuel oil and food stuff on board ship are not eligible for Modvat credit. The applicants are not liable to pay interest on unutilized credit.
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