9911796707
TMI Blog2014 (2) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... tine manner without realising that the same was not available to them. On being pointed out by the audit, the appellant immediately reversed the same. It is also a fact that the credit remained unutilised and such as they were paper entry only during the relevant period. Where the credit remains unutilised and on paper entry only, the same would not attract any interest or penalty - demand barr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nput services which were used by them for trading of the goods. The said credit was taken on 31.03.2007. During audit, it was pointed out that in as much as the input services were used for trading of the goods, the credit was not admissible to them. The appellant accepted the above stand of the Revenue and reversed the credit on 30.04.2008. However, they clarified that the said credit was availed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch a situation no penalty or interest would be called for. 4. The said order of the original adjudicating authority was appealed against by the Revenue before the Commissioner (Appeals). By taking note of the fact that the law declared by the Hon'ble High Court of Punjab Haryana in the case of Indo-Swift Laboratories Ltd. Vs. Union of India (supra) stands reversed by the Hon'ble Supreme Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eting the said decision of the Hon'ble Supreme Court, the Hon'ble High Court has held that where the credit remains unutilised and on paper entry only, the same would not attract any interest or penalty. By following the said decision of the Hon'ble High Court of Karnataka, the Tribunal in the case of C.C.E. Raipur Vs. Shardha Energy Minerals Pvt. Ltd. reported in 2013 (291) E.L.T. 404 (Trib.-De ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
