https://www.taxtmi.com/caselaws?id=2824 Conditions attached to a deemed credit notification must be strictly complied with, and a declaration that omits the complete address of the godown or transporter where stock is kept does not satisfy the prescribed requirement; denial of deemed credit was therefore upheld. Penalty was not sustained because the levy on grey fabrics was newly introduced and the defective declaration, by itself, did not justify penal action; penalty was set aside. Interest on credit is chargeable only from the date of utilization, not merely from availment or entry, and since the credit was not utilized, no interest liability arose. en-us Tue, 18 Sep 2007 00:00:00 +0530 Wed, 16 Apr 2008 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2824 Conditions attached to a deemed credit notification must be strictly complied with, and a declaration that omits the complete address of the godown or transporter where stock is kept does not satisfy the prescribed requirement; denial of deemed credit was therefore upheld. Penalty was not sustained because the levy on grey fabrics was newly introduced and the defective declaration, by itself, did not justify penal action; penalty was set aside. Interest on credit is chargeable only from the date of utilization, not merely from availment or entry, and since the credit was not utilized, no interest liability arose. Case-Laws Central Excise Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2824