Court Rules on Rule 14 Amendment: Interest Demand Waived for Unutilized Reversed Credit Entries, Protecting Substantive Benefits.

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....Interest on unutilized reversed credit entry - The erstwhile Rule 14 of the Cenvat Credit Rules read as “taken or utilised”, which had been amended and substituted by the words “taken and utilised” - substantive benefit cannot be denied to the appellant - Demand of interest waived.....