Prior to 17th March 2012 No liability to pay interest if credit wrongly taken reversed before utilization

HIGH COURT OF KARNATAKA Commissioner of Central Excise v. Pearl Insulation Ltd. C.E.A. NO. 33 OF 2011 MARCH 2, 2012 JUDGMENT N. Kumar, J. – This appeal is filed by the Revenue challenging the order passed by the Tribunal Pearl Insultations (P.) Ltd. v. CCE 2012 (280) ELT 559 (Trib. – Bang.) holding that when the Assessee reversed the entire amount attributable to the credit taken, which were utilized in exempted products and in fact not utilized the amount of Cenvat credit, there is no liability to pay interest. In fact, this Court had an occasion to consider the s...