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of <h1>Interest Due on Unutilized CENVAT Credit: Rule 14 Clarification Conflicts with Supreme Court Decision.</h1> The circular addresses the liability of interest on CENVAT credit wrongly taken but reversed before utilization. A representation highlighted a conflict between a High Court decision, upheld by the Supreme Court, stating no interest is due if the credit was not utilized, and Rule 14 of the CENVAT Credit Rules, 2004, which mandates interest recovery for wrongly taken or utilized credit. The Board clarifies that, according to Rule 14, interest is recoverable even if the credit was not utilized. The circular instructs that this clarification be communicated to relevant parties and acknowledges receipt of the circular.
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