https://www.taxtmi.com/caselaws?id=235409 The Tribunal held that interest on wrongly availed credit reversed before utilization is not payable, citing a Karnataka High Court interpretation and relevant case law. Penalties for availing inadmissible credit were deemed unjustified due to the lack of malafide intent and prompt rectification by the assessee. The Revenue's appeals were rejected, upholding the Commissioner (Appeals) decision on interest and setting aside the penalties imposed, allowing the assessee's appeals. The judgment emphasizes the importance of timely corrective actions by taxpayers to avoid penalties for inadvertent errors in credit availing. en-us Wed, 03 Jul 2013 00:00:00 +0530 Wed, 23 Apr 2014 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235409 The Tribunal held that interest on wrongly availed credit reversed before utilization is not payable, citing a Karnataka High Court interpretation and relevant case law. Penalties for availing inadmissible credit were deemed unjustified due to the lack of malafide intent and prompt rectification by the assessee. The Revenue's appeals were rejected, upholding the Commissioner (Appeals) decision on interest and setting aside the penalties imposed, allowing the assessee's appeals. The judgment emphasizes the importance of timely corrective actions by taxpayers to avoid penalties for inadvertent errors in credit availing. Case-Laws Central Excise Wed, 03 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235409