https://www.taxtmi.com/caselaws?id=246137 Reversal of wrongly availed Cenvat credit before its utilisation meant no compensatory interest could be levied, because interest arises only when the assessee has enjoyed the benefit of the credit or used it. On the facts stated, the credit entry was reversed promptly and was never utilised, so mere irregular booking did not trigger interest liability. For the same reason, penalty based on wrongful availment was not sustained. The operative effect is that pre-utilisation reversal of inadmissible credit negates interest and penalty where no benefit from the credit was taken. en-us Thu, 10 Jan 2013 00:00:00 +0530 Thu, 13 Apr 2017 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246137 Reversal of wrongly availed Cenvat credit before its utilisation meant no compensatory interest could be levied, because interest arises only when the assessee has enjoyed the benefit of the credit or used it. On the facts stated, the credit entry was reversed promptly and was never utilised, so mere irregular booking did not trigger interest liability. For the same reason, penalty based on wrongful availment was not sustained. The operative effect is that pre-utilisation reversal of inadmissible credit negates interest and penalty where no benefit from the credit was taken. Case-Laws Central Excise Thu, 10 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246137