https://www.taxtmi.com/caselaws?id=153232 The amended Rule 3(3) of the Cenvat Credit Rules, 2002 was examined to determine whether the restriction on utilising CENVAT credit, based on the balance available on the last day of the month, applied during the relevant period. The substituted rule introduced by Notification No. 18/2003-C.E. (N.T.) did not contain that restrictive proviso, and the contemporaneous statutory text was treated as showing that the restriction was not operative. On that basis, utilisation of credit for payment of duty was not contrary to the rules, and the associated demand for interest had no foundation. The assessee was therefore entitled to utilise the credit and obtain refund of the interest paid. en-us Mon, 02 Aug 2010 00:00:00 +0530 Fri, 19 Jul 2013 17:13:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153232 The amended Rule 3(3) of the Cenvat Credit Rules, 2002 was examined to determine whether the restriction on utilising CENVAT credit, based on the balance available on the last day of the month, applied during the relevant period. The substituted rule introduced by Notification No. 18/2003-C.E. (N.T.) did not contain that restrictive proviso, and the contemporaneous statutory text was treated as showing that the restriction was not operative. On that basis, utilisation of credit for payment of duty was not contrary to the rules, and the associated demand for interest had no foundation. The assessee was therefore entitled to utilise the credit and obtain refund of the interest paid. Case-Laws Central Excise Mon, 02 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153232