https://www.taxtmi.com/caselaws?id=238162 Rule 57-I of the Central Excise Rules, 1944 provided for disallowance and recovery of wrongly taken MODVAT credit, determination of the amount by the proper officer, and interest if the amount was not paid within the prescribed period. Where the duty liability had already been confirmed and the assessee later paid the principal without interest, the statutory liability to interest continued for the delay. The interest obligation applied whether the amount was determined under sub-rule (1)(iii) or paid pursuant to the demand mechanism under sub-rule (2), read with Section 11AA of the Central Excise Act, 1944. en-us Fri, 23 Aug 2013 00:00:00 +0530 Mon, 01 Jun 2015 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238162 Rule 57-I of the Central Excise Rules, 1944 provided for disallowance and recovery of wrongly taken MODVAT credit, determination of the amount by the proper officer, and interest if the amount was not paid within the prescribed period. Where the duty liability had already been confirmed and the assessee later paid the principal without interest, the statutory liability to interest continued for the delay. The interest obligation applied whether the amount was determined under sub-rule (1)(iii) or paid pursuant to the demand mechanism under sub-rule (2), read with Section 11AA of the Central Excise Act, 1944. Case-Laws Central Excise Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238162