https://www.taxtmi.com/caselaws?id=340634 Inputs used in manufacturing capital goods that were themselves deployed in producing final products qualified as eligible input credit under Rule 2(k) of the Cenvat Credit Rules, 2004; the denial of Cenvat credit was therefore set aside. Rule 14 was applied on its plain disjunctive wording so that interest became payable once credit was taken wrongly, even if it was not utilised and was later reversed; the argument that reversal before utilisation extinguished interest liability was rejected. The credit denial was overturned, while the liability to pay interest on wrongly availed credit was sustained and only the quantification of interest was remanded. en-us Wed, 22 Feb 2017 00:00:00 +0530 Fri, 24 Mar 2017 08:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340634 Inputs used in manufacturing capital goods that were themselves deployed in producing final products qualified as eligible input credit under Rule 2(k) of the Cenvat Credit Rules, 2004; the denial of Cenvat credit was therefore set aside. Rule 14 was applied on its plain disjunctive wording so that interest became payable once credit was taken wrongly, even if it was not utilised and was later reversed; the argument that reversal before utilisation extinguished interest liability was rejected. The credit denial was overturned, while the liability to pay interest on wrongly availed credit was sustained and only the quantification of interest was remanded. Case-Laws Central Excise Wed, 22 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340634