11 March 2009
The terms are difficult to define. Normally i do not try to define these terms. I remember that we have not been able to define the terms such as "law" or "manufacture" or "service". It looks like it means taking book entry of credit is taken and utilising it for payment of duty is to utilise. I take support from Cenvat credit rules where these terms has been used in this sense- one rule for taking credit, another for utilising credit.
CAclubindia
