https://www.taxtmi.com/caselaws?id=382806 Where disputed Cenvat credit was reversed before issuance of the show cause notice, penalty under Rule 15(2) read with Section 11AC was not sustainable because the basis for penal action had ceased. Under the amended Rule 14, interest was chargeable only to the extent the wrongly taken credit had actually been utilised, and the quantum was left for verification on supporting calculation and evidence. Penalty was deleted, while interest liability survived only to the extent of actual utilisation, subject to adjudication on quantification. en-us Fri, 28 Jun 2019 00:00:00 +0530 Thu, 11 Jul 2019 06:13:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382806 Where disputed Cenvat credit was reversed before issuance of the show cause notice, penalty under Rule 15(2) read with Section 11AC was not sustainable because the basis for penal action had ceased. Under the amended Rule 14, interest was chargeable only to the extent the wrongly taken credit had actually been utilised, and the quantum was left for verification on supporting calculation and evidence. Penalty was deleted, while interest liability survived only to the extent of actual utilisation, subject to adjudication on quantification. Case-Laws Service Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382806