0wrongly cenvat credit availed and utilised

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Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2016 if wrongly cenvat credit availed or utilized then what will be the consequences.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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10 March 2016 For wrong credit utilisation, during assessment if they noticed than the officer will disallow cenvat credit, calculate interest and penalty from that date. So better reverse wrong credit to the extent of wrong utilisation or pay to that extent.