https://www.taxtmi.com/caselaws?id=189637 Once irregularly availed CENVAT credit had been reversed, no interest liability survived, as the analysis followed the larger Bench decision in the assessee's own case and the Karnataka High Court view relied on there. On that basis, the nominal penalty under Rule 15A of the CENVAT Credit Rules, 2004 was also unsustainable because it depended on the existence of interest liability. The stated conclusion is that reversal of the credit removed the basis for both interest and penalty. en-us Fri, 22 Apr 2016 00:00:00 +0530 Mon, 16 Jan 2017 10:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189637 Once irregularly availed CENVAT credit had been reversed, no interest liability survived, as the analysis followed the larger Bench decision in the assessee's own case and the Karnataka High Court view relied on there. On that basis, the nominal penalty under Rule 15A of the CENVAT Credit Rules, 2004 was also unsustainable because it depended on the existence of interest liability. The stated conclusion is that reversal of the credit removed the basis for both interest and penalty. Case-Laws Central Excise Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189637