Interest is leviable on credit availed even if not utilised

So far as charging of interest upon wrongly taken Cenvat credit is concerned, it has been argued by the appellant that in view of various judgments, relied upon in para 2 above, no interest is payable when the credit taken is not utilized and reversed subsequently. It is the case of the appellant that as per the ratio laid down by the Apex Court and the jurisdictional High Court of Gujarat when a Cenvat credit taken is reversed by an assessee than it amounts to not taking Cenvat credit at all and accordingly no interest is payable. In this regard, it is seen that the law laid down by the Honbl...