https://www.taxtmi.com/caselaws?id=449518 CESTAT Allahabad dismissed the appeal regarding recovery of interest on wrongly availed CENVAT credit and penalty under Rule 15 of the Cenvat Credit Rules, 2004. The tribunal followed SC precedent in Ind-Swift Laboratories Ltd., holding that Rule 14 provides for recovery of credit along with interest when credit is taken, utilized wrongly, or erroneously refunded. The tribunal rejected the appellant's argument to read "OR" as "AND" in Rule 14, emphasizing literal interpretation of statutes. Interest was deemed an absolute statutory liability with no limitation period applicable under Section 11AB/11AA. The demand made within five years was upheld, and penalty under Rule 15 was confirmed following SC decision in Rajasthan Spinning and Weaving Mills Ltd. en-us Fri, 09 Feb 2024 00:00:00 +0530 Tue, 13 Feb 2024 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449518 CESTAT Allahabad dismissed the appeal regarding recovery of interest on wrongly availed CENVAT credit and penalty under Rule 15 of the Cenvat Credit Rules, 2004. The tribunal followed SC precedent in Ind-Swift Laboratories Ltd., holding that Rule 14 provides for recovery of credit along with interest when credit is taken, utilized wrongly, or erroneously refunded. The tribunal rejected the appellant's argument to read "OR" as "AND" in Rule 14, emphasizing literal interpretation of statutes. Interest was deemed an absolute statutory liability with no limitation period applicable under Section 11AB/11AA. The demand made within five years was upheld, and penalty under Rule 15 was confirmed following SC decision in Rajasthan Spinning and Weaving Mills Ltd. Case-Laws Central Excise Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449518