https://www.taxtmi.com/caselaws?id=268544 The Tribunal ruled that interest and penalties are applicable when CENVAT credit is wrongly taken, utilized, or erroneously refunded, emphasizing the importance of the Rule 14 amendment effective from 1.4.2012. While the appellant's appeal did not succeed on the interest issue, the penalty imposed was overturned due to the lack of evidence of intent to evade tax, as the appellant promptly rectified the erroneous credit upon detection. The Tribunal set aside the penalty under Section 78 read with Rule 15(3) of CENVAT Credit Rules, 2004, based on the absence of intent to evade tax. en-us Wed, 21 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268544 The Tribunal ruled that interest and penalties are applicable when CENVAT credit is wrongly taken, utilized, or erroneously refunded, emphasizing the importance of the Rule 14 amendment effective from 1.4.2012. While the appellant's appeal did not succeed on the interest issue, the penalty imposed was overturned due to the lack of evidence of intent to evade tax, as the appellant promptly rectified the erroneous credit upon detection. The Tribunal set aside the penalty under Section 78 read with Rule 15(3) of CENVAT Credit Rules, 2004, based on the absence of intent to evade tax. Case-Laws Service Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268544