9911796707
TMI Blog2012 (12) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... past was not irregular. But, when it was transferred to the credit column relating to basic excise duty, it turned out to be a case of irregular taking of basic excise duty in the CENVAT account and that credit was reversed only in August 2009 - Rule 14 of the CENVAT Credit Rules, 2004 is squarely applicable - appellant has not pleaded financial hardships. In the circumstances, there will be a di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilized, it is seen from the order-in-original that there was partial utilization. This notwithstanding, the department has not disputed the fact that the appellant reversed the entire credit in August 2009. The learned counsel points out that this reversal was voluntarily made. The question, then, arose as to whether the appellant was liable to pay interest under Rule 14 of the CENVAT Credit Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble High Court of Karnataka has distinguished that case and has held to the effect that reversal of CENVAT credit amounts to non-taking of credit and, therefore, there is no liability to pay interest. 3. I have heard the learned Superintendent (AR) also, who has opposed the present application, on the strength of the findings of the original and first appellate authorities. It is particularl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s reversed only in August 2009. On these facts, Rule 14 of the CENVAT Credit Rules, 2004 is squarely applicable and the Hon'ble Supreme Court's decision in the case of M/s. Ind-Swift Laboratories Ltd. (supra) is also squarely applicable. The Hon'ble High Court's judgment distinguishing the case of M/s. Ind-Swift Laboratories Ltd. (supra) is prima facie inapplicable to the instant case. The appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
