The Additional Commissioner Of Central ... vs M/S. Strategic Engineering Private ... on 11 January, 2017
5. I find that pursuant to the amendment brought forth with effect from 1.4.2012, the credit availed and utilized was substituted with the words credit availed or utilized. Thereby, the original authority has given the benefit of setting aside the demand of interest after the period 1.4.2012. The position whether the appellant is liable to pay interest when the wrongly availed credit has been reversed before utilization is settled by the decisions in the cases relied upon by the ld. counsel for the appellant. The Honble High Court of Madras in the case of Strategic Engineering (P) Ltd. (supra), has categorically held that even prior to the amendment, the assessee cannot be liable to pay interest or penalties.