https://www.taxtmi.com/caselaws?id=30111 The appeal was allowed with consequential relief as the Tribunal found that the modvat credit wrongly taken was promptly reversed upon identification of irregularity, and since the credit was never utilized to discharge any duty liability, no interest was deemed payable. The Tribunal emphasized that the entries were merely entries without impacting the Government's revenue, citing precedents supporting the appellants' position. The immediate reversal of credit upon audit identification of the lapse was crucial in justifying that the demand for interest was not warranted. en-us Mon, 18 Feb 2008 00:00:00 +0530 Fri, 08 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30111 The appeal was allowed with consequential relief as the Tribunal found that the modvat credit wrongly taken was promptly reversed upon identification of irregularity, and since the credit was never utilized to discharge any duty liability, no interest was deemed payable. The Tribunal emphasized that the entries were merely entries without impacting the Government's revenue, citing precedents supporting the appellants' position. The immediate reversal of credit upon audit identification of the lapse was crucial in justifying that the demand for interest was not warranted. Case-Laws Central Excise Mon, 18 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30111