Interest on Reversed Irregular CENVAT Credit Applies Prospectively, Not Retrospectively, per Amended Rule 14 of Cenvat Credit Rules.

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....Liability of interest on reversal of irregular CENVAT Credit, before the amendment to Rule 14 - credit availed but not utilized - The amendment to Rule 14 of the Cenvat Credit Rules, 2004, would apply only with prospective effect and not with retrospective effect. - Liability of interest confirmed.....