Wrongful CENVAT credit recovery limited by amendment; recovery now requires both taking and utilizing credit wrongly.
Amendment to Rule 14 restricts recovery to instances where CENVAT credit has been taken and utilized wrongly, implying recovery only when credit was both wrongly availed and wrongly used; as a result, wrongly utilized credit that was rightly availed may fall outside Rule 14 and the attendant recovery mechanism, producing a conflict with Rule 3(4)'s utilization prerequisites and forcing the revenue to reconsider enforcement or amend the Rules. (AI Summary)