9911796707
TMI Blog2015 (11) TMI 511X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI 969 - KARNATAKA HIGH COURT] and the other by the High Court of Madras [2014 (2) TMI 551 - MADRAS HIGH COURT] and inasmuch as the said issue keeps on repeatedly coming up before the Tribunal, I deem it fit to refer the matter to the Hon’ble President for constitution of a Larger Bench on the following question of law:- When the wrongly availed credit is reversed before utilising the same, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ately reversed the wrongly availed CENVAT credit of ₹ 1,38,748/-. 2. On the above basis, proceedings were initiated against them by way of issuance of a show-cause notice dt. 17/12/2009 proposing to confirm the interest and imposition of penalty upon them. The said show-cause notice culminated into an order passed by the original adjudicating authority confirming the interest of ₹ 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them. As such, he submits that inasmuch as the credit having been taken inadvertently stands reversed by them even before utilisation, no interest liability would arise inasmuch as there is no loss to the Revenue and the credit remained as a paper entry in their books of accounts. As regards penalty, he submits that it was an inadvertent mistake on the part of the clerk responsible for making ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the other by the High Court of Madras and inasmuch as the said issue keeps on repeatedly coming up before the Tribunal, I deem it fit to refer the matter to the Hon ble President for constitution of a Larger Bench on the following question of law:- When the wrongly availed credit is reversed before utilising the same, whether interest liability would arise in respect of the same or not. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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