9911796707
TMI Blog2018 (10) TMI 1779X X X X Extracts X X X X X X X X Extracts X X X X ..... vat account between the period of taking irregular Cenvat credit and subsequent reversal thereof. Taking of credit in the CENVAT account under such circumstances would be considered as a mere book entry inasmuch as there is no loss of revenue to the Government exchequer. Hence, it is not the case of Revenue that they have suffered loss owing to delayed reversal of Cenvat credit, which should be compensated by way of payment of interest. The law with regard to levy of interest on delayed reversal of CENVAT Credit is no more res integra in view of the judgementof Hon ble Karnataka High Court in the case of COMMISSIONER OF CENTRAL EXCISE SERVICE TAX LARGE TAXPAYER UNIT, BANGALORE VERSUS M/S BILL FORGE PVT LTD, BANGALORE [ 2011 (4) TMI 969 - KA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sufficient balance in its Cenvat account during the period between taking of CENVAT Credit and subsequent reversal thereof. He also contended that in absence of any malafide intention on the part of the appellant in defrauding the Government revenue, the provisions of Section 78 of the Act cannot be invoked for imposition of penalty. In this context, he has relied on the decision of this Tribunal in the case of Nova Petrochemicals Ltd. - 2015 (330) ELT 648 (Tri. Ahmd). 3. On the other hand, learned D.R. appearing for Revenue reiterates the findings recorded in the impugned order. 4. Heard both sides and perused the records. 5. The department has not specifically alleged that the appellant had not maintained sufficient balance in its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of Ind-Swift v. UOI [2009 (240) E.L.T. 328 (P & H)]. The facts of the case of Ind-Swift Laboratories (supra) are that the petitioner during 1-11-2011 to 31- 3-2012 received invoices. On the basis of such invoices, the petitioner claimed Cenvat credit of ₹ 6,50,44,412/-. Out of the said amount, the petitioner utilized the credit of ₹ 5,71,47,138/- only. In this contest, it was held that the appellant/petitioner is liable to pay interest from the date of availing credit and not from the date of utilization. I find that the Hon'ble Madras High Court in the case of Strategic Engg. Pvt. Ltd. (supra) after considering the decision of the Hon'ble Supreme Court in the case of Ind-Swift Laboratories Ltd. (supra) held that mere taking ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
