https://www.taxtmi.com/article/detailed?id=5547 Interest on irregularly taken CENVAT credit accrues from the date the credit was taken and continues until reversal; liability arises even if the credit was not utilized. Reversal of credit on return of goods operates to discharge duty liability, but does not negate that interest runs from taking to reversal. A later amendment substituting 'taken or utilized wrongly' with 'taken and utilized wrongly' does not have retrospective effect absent explicit legislative intent. en-us Tue, 01 Apr 2014 15:03:46 +0530 Tue, 01 Apr 2014 15:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5547 Interest on irregularly taken CENVAT credit accrues from the date the credit was taken and continues until reversal; liability arises even if the credit was not utilized. Reversal of credit on return of goods operates to discharge duty liability, but does not negate that interest runs from taking to reversal. A later amendment substituting 'taken or utilized wrongly' with 'taken and utilized wrongly' does not have retrospective effect absent explicit legislative intent. Articles Cenvat Credit Tue, 01 Apr 2014 15:03:46 +0530 https://www.taxtmi.com/article/detailed?id=5547