2014 (10) TMI 285

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..... the CENVAT Credit Rules, 2004 - Held that:- The cap of 20% for availing of credit was lifted w.e.f. 01/04/2008 and the assessees were permitted to avail CENVAT credit without any limit. Therefore, as clarified by the Board, what could have been demanded from the assessee is only interest liability on the excess credit availed and not denial of the entire credit. In these circumstances, there is a .....

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..... edit in excess of 20% cap in respect of inputs and input services which were used in or in relation to rendering of taxable as well as exempted service. 3. The learned counsel submits that prior to issue of the notice, the appellant reversed the excess credit availed of ₹ 927/- along with interest thereon thereby complying with the requirement of law and therefore, the impugned demands at .....

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..... e compelled to pay an amount @ 8% of the value of the exempted service as provided for in Rule 6 (3) of the CENVAT Credit Rules, 2004. The cap of 20% for availing of credit was lifted w.e.f. 01/04/2008 and the assessees were permitted to avail CENVAT credit without any limit. Therefore, as clarified by the Board, what could have been demanded from the assessee is only interest liability on the exc .....

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