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of <h1>Supreme Court Rules Interest on Wrongly Taken CENVAT Credit Recoverable from Date of Error, Not Utilization.</h1> The circular addresses the liability of interest on CENVAT credit wrongly taken but reversed before utilization. It references a previous circular and a judgment by the Punjab & Haryana High Court, which held that interest should be paid only from the date of wrongful utilization. However, the Supreme Court overturned this judgment, ruling that interest is recoverable from the date the credit is wrongly taken, utilized, or refunded. The circular instructs immediate action to protect revenue and informs relevant parties of the Supreme Court's decision, which supports the earlier Board's view.
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