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Reversal of cenvat credit

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(Querist)
29 September 2015 Dear colleagues, please help me out for the conciquences To be Bourne for reversal of Cenvat credit. In what situation it is permitted for reversal.. regards, BHUPEN SHAH
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Prashanth

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Prashanth (Expert)
30 September 2015 Pls. check below
Rule 14(1)(i): Cenvat credit availed wrongly but NOT UTILIZED – recoverable under Section 11A of the Excise Act or Section 73 of the Finance Act, 1994 (“the Finance Act”) ♠Where the Cenvat credit has been availed wrongly but not utilised, the same shall be recovered from the manufacturer or the service provider, as the case may be, and the provisions of Section 11A of the Excise Act (Recovery of duties not levied or not paid or short-levied or short-paid or erroneously refunded) or Section 73 of the Finance Act (Recovery of Service tax not levied or paid or short-levied or short-paid or erroneously refunded), as the case may be.
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