https://www.taxtmi.com/caselaws?id=205978 Wrongful availment of Modvat/Cenvat credit on inputs used in exempted and dutiable goods justified recovery after retrospective amendment, but penalty could not be imposed retrospectively because it is penal in character. The assessee had reversed the credit when pointed out and had substantially paid the duty before the order-in-original, with the balance paid within the stipulated time. On those facts, the amended interest provision did not apply, as interest was chargeable only where the amount found due remained unpaid within the time fixed in the order. Penalty was therefore set aside and no interest was leviable. en-us Tue, 08 Mar 2011 00:00:00 +0530 Wed, 17 Aug 2011 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205978 Wrongful availment of Modvat/Cenvat credit on inputs used in exempted and dutiable goods justified recovery after retrospective amendment, but penalty could not be imposed retrospectively because it is penal in character. The assessee had reversed the credit when pointed out and had substantially paid the duty before the order-in-original, with the balance paid within the stipulated time. On those facts, the amended interest provision did not apply, as interest was chargeable only where the amount found due remained unpaid within the time fixed in the order. Penalty was therefore set aside and no interest was leviable. Case-Laws Central Excise Tue, 08 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205978