Rule 14 of CENVAT Credit Rules. The Hon’ble Tribunal distinguished Supreme Court decision in the case of Ind-Swift Laboratories in order to hold that there can be no interest liability in a case wherein credit is taken and reversed before issue of SCN.
Hon’ble Tribunal further held that the phrase ‘taken or utilized wrongly’ under Rule 14 of the CENVAT Credit Rules means 'utilization' after having been wrongly taken’, as utilization in itself cannot be wrong.
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