Levy of interest on irregular/excess Cenvat Credit availed but ...

Case Laws Central Excise

May 8, 2024

Levy of interest on irregular/excess Cenvat Credit availed but not utilised - The Tribunal acknowledged the inadvertent nature of the appellant's actions and noted that the irregularly availed Cenvat credit had been promptly reversed upon audit notification. - Since the appellant had reversed the credit before the issuance of the show cause notice and no motive to evade tax was established, the extended period was deemed unjustifiable, and the appeal was allowed with consequential relief.

View Source

← Previous Next →

Levy of interest on irregular/excess Cenvat Credit availed but ...

Case Laws Central Excise

May 8, 2024

You may also like:

Interest on irregular CENVAT Credit availed but not utilized - The appellant though have taken credit irregularly or wrongly in the books it was never utilized. So, it...

Levy of interest and penalty - Reversal of CENVAT Credit (without utilization) on being pointed out, before issuance of SCN - period from January, 2005 to March, 2007 -...

Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017,...

The petitioner challenged the levy of interest and penalty for wrongly availing and utilizing Input Tax Credit (ITC). The court held that unless ITC is wrongfully...

The appellant, engaged in manufacturing soda ash, availed CENVAT credit amounting to Rs. 46,27,417/- for the period 03.12.2005 to 31.03.2012 on input services utilized...

Cenvat credit on capital goods - No credit was availed in the initial (first) year - Whole of the credit (100% credit) was availed in the subsequent year - There is...

Cenvat credit - Once the credit is availed, the use of such credit is governed by Rule 3 of the Cenvat Credit Rules, 2004. Sub-Rule (4) of the said Rule stipulates that...

Levy of interest - Cenvat credit availed wrongly - In the Rule it is clearly provided that whether the credit is taken or utilized the interest will be chargeable. In...

Irregular availment of CENVAT Credit - 100% CENVAT credit on capital goods availed in the first year instead of 50% - they had sufficient balance in their CENVAT credit...

Refund of CVD/SAD paid - Unable to avail and utilize the credit of CVD/SAD paid by them as payment was made on 30.09.2020 when no provision exist in GST regime to avail...

Demand of Interest - CENVAT Credit - reversed the CENVAT credit wrongly availed much before the issuance of the show-cause notice - the CENVAT credit account which shows...

Excess utilisation of cenvat credit - Whether the appellant is liable to pay interest and penalty on account of alleged excess utilisation of cenvat credit - The demand...

Interest on reversal of cenvat credit - Wherever Cenvat credit has been availed but not utilized, the interest need not be paid but it has to be paid in cases where the...

Reversal of Credit availed but not utilized - penalty waived but demand of interest confirmed - HC

There is no difference between the expression credit taken and the credit utilised for the purpose of recovery of wrongly availed credit Rule 14 of Cenvat Credit Rules,...

Quick Updates: