https://www.taxtmi.com/caselaws?id=337520 Refund of unutilized Cenvat credit had already been sanctioned and cheques issued, but the Revenue sought interest and penalty on the basis that the assessee should have reversed the credit on receipt of the refund order. The Tribunal held that the Cenvat Credit Rules, 2004 contained no requirement to reverse credit merely because a refund order had been passed, and no provision authorising interest for the period between issue of the cheque and its deposit in the bank. As the credit covered by the refund claim was not utilised in the meantime, the demand for interest and penalty was unsustainable. en-us Mon, 19 Sep 2016 00:00:00 +0530 Sun, 08 Jan 2017 22:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337520 Refund of unutilized Cenvat credit had already been sanctioned and cheques issued, but the Revenue sought interest and penalty on the basis that the assessee should have reversed the credit on receipt of the refund order. The Tribunal held that the Cenvat Credit Rules, 2004 contained no requirement to reverse credit merely because a refund order had been passed, and no provision authorising interest for the period between issue of the cheque and its deposit in the bank. As the credit covered by the refund claim was not utilised in the meantime, the demand for interest and penalty was unsustainable. Case-Laws Central Excise Mon, 19 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337520