No Interest on Reversed CENVAT Credit if Non-Utilised Before Reversal: CESTAT Hyderabad

Bharat Heavy Electricals Ltd. Vs Commissioner of Central Tax (CESTAT Hyderabad) The appeal before the Income Tax Appellate Tribunal (ITAT), Hyderabad, arose from an order confirming demand of ₹58,66,606 on account of CENVAT credit availed on allegedly misappropriated nickel. The case originated from internal reports submitted by the appellant indicating misappropriation and non-accounting of nickel, including instances of clandestine removal and destruction of records. A committee constituted by the appellant quantified the shortage at 5411 kg out of imported nickel, and the corresponding cr...