https://www.taxtmi.com/caselaws?id=204256 Interest under Rule 12 of the Cenvat Credit Rules, 2002 was not payable on credit reversed after a fire accident where inputs had been issued for manufacture and were embedded in semi-finished goods destroyed in the fire, because no reversal was required on those facts. Credit taken on capital goods but reversed before utilisation also did not attract interest, as reversal before use was treated as equivalent to credit not having been taken. The HC upheld the Tribunal's view that no interest arose on the unutilised reversed credit and rejected the Revenue's challenge. en-us Wed, 01 Dec 2010 00:00:00 +0530 Tue, 24 May 2011 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204256 Interest under Rule 12 of the Cenvat Credit Rules, 2002 was not payable on credit reversed after a fire accident where inputs had been issued for manufacture and were embedded in semi-finished goods destroyed in the fire, because no reversal was required on those facts. Credit taken on capital goods but reversed before utilisation also did not attract interest, as reversal before use was treated as equivalent to credit not having been taken. The HC upheld the Tribunal's view that no interest arose on the unutilised reversed credit and rejected the Revenue's challenge. Case-Laws Central Excise Wed, 01 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204256