https://www.taxtmi.com/caselaws?id=239335 Interest may be awarded as equitable compensation where unutilised MODVAT/CENVAT credit lawfully due to an assessee is wrongfully withheld by the revenue without authority of law. The credit was treated as having vested in the amalgamated company on merger, and the department had a duty to decide the transfer request within a reasonable time. Because the credit was unlawfully retained and no timely effective action was taken, the absence of an express statutory provision for interest did not bar relief. The court treated interest as compensation for wrongful deprivation and granted monetary relief for the period of delay. en-us Tue, 02 Apr 2013 00:00:00 +0530 Mon, 04 Jan 2016 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239335 Interest may be awarded as equitable compensation where unutilised MODVAT/CENVAT credit lawfully due to an assessee is wrongfully withheld by the revenue without authority of law. The credit was treated as having vested in the amalgamated company on merger, and the department had a duty to decide the transfer request within a reasonable time. Because the credit was unlawfully retained and no timely effective action was taken, the absence of an express statutory provision for interest did not bar relief. The court treated interest as compensation for wrongful deprivation and granted monetary relief for the period of delay. Case-Laws Central Excise Tue, 02 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239335