2024 (12) TMI 1403

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....ant Shri R K Agarwal, Superintendent (AR) for the Respondent ORDER The issue involved in the present case is whether the late reversal of Cenvat Credit attributes to the goods destroyed in fire and remission has been granted, the interest is chargeable for the delayed period in terms of Rule 14 of Cenvat Credit Rules, 2004. 2. Shri Hardik Modh learned counsel appearing on behalf of the....

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.... authority. He also placed reliance on the following judgments:- • UOI and Ors. Versus Ind-Swift Laboratories Ltd - 2011 (2) TMI 6 - Supreme Court • M/s. National Aluminium Company Limited Versus Commissioner of Central Excise & Service Tax, Bhubaneswar-I - 2023 (6) TMI 368 - CESTAT Kolkata • Commissioner Central Excise Commissionerate, SCO No. 6, Sector 1, R....

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....t AR appearing on behalf of the revenue reiterates the findings of the impugned order. 4. On careful consideration of the submissions made by both the sides and perusal of records. We find that during the relevant period the provision of Rule 14 reads as under:- "RULE 14. Recovery of CENVAT credit wrongly taken or erroneously refunded. - (1) (i) Where the CENVAT credit has been taken w....

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....hat the interest was chargeable as per Clause 2 of Rule 14(1)(ii) only when the assessee not alone takes the credit but also utilize the same. In the present case as per the claim of the appellant they have maintained the accumulated Cenvat Credit, which is more than the Cenvat Credit which was required to be reversed. Therefore in terms of the above rule, the appellant are not required to pay the....