Interest not chargeable on Unutilized MODVAT Credit Reversal: Gujarat HC

Commissioner of Central Excise Vs Gautam Ship Breaking Ind. Ltd. (Gujarat High Court) Interest not chargeable on Amount of MODVAT credit, which was lying unutilized and which has been ordered to be reversed The case of Commissioner of Central Excise vs. Gautam Ship Breaking Ind. Ltd. before the Gujarat High Court revolves around the issue of whether interest is chargeable on the amount of MODVAT (Modified Value Added Tax) credit that was lying unutilized and had been ordered to be reversed. Let’s delve into the details. The appeal, filed under section 35G of the Central Excise Act, 1944,...