Rule 14 of the CENVAT Credit Rules

[ASIT ROY]

I have a case with CESTAT, E Zone Bench, Kolkata regarding the CENVAT Credit Wrongly taken, where a interest demand has been made by the Adjudication. The case was Call on by the Hon'ble Member of the Bench, but the case has been presently reschedule on 16.09.2016

I need the latest case laws regarding the matter

AI Summary

Interest on CENVAT credit may be waived if the wrongly availed amount was settled from the CENVAT account and balance remained sufficient.
Interest on wrongly availed CENVAT credit may be waived only if contemporaneous CENVAT account records demonstrate the wrongly taken amount was discharged from the CENVAT account and the account balance always exceeded the reversal; if the credit was accepted and paid from non CENVAT sources, interest is payable. Applicability of precedents turns on the time period when credit was availed and reversed.