High Court Allows 9% Interest on Delayed MODVAT/CENVAT Credit Transfer; Argument Against Interest Deemed Misplaced.

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....Claim of Interest for delay in allowing the transfer of respective MODVAT/CENVAT credit - Contention to the effect that no interest is payable because there is no provision of interest under the scheme of the Act is also thoroughly misconceived and misplaced - claim of interest allowed @9% - HC....