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2010 (8) TMI 243 - AT - Central ExciseCenvat credit – input received from 100% EOU – Quantum of credit - Cenvat Credit Rules provides for taking credit based on a formula prescribed under Rule 3(7) of the Cenvat Credit Rules, 2004 - The term CVD has not been specifically defined in the Cenvat Credit Rules, but it has been explained that "BCD & CVD denote ad valorem rates in per cent, of basic customs duty and additional duty of customs leviable - taking into account that from 1-3-05, the additional duty levied under Section 3(5) has also been made eligible for credit, it would be proper to hold that the term CVD referred to in the formula would refer to both varieties of additional duties leviable under Section 3(1) and 3(5) of the Customs Tariff Act, 1975 - there is no justification for invoking extended period for demand and that there is no justification for imposing penalty are acceptable – Appeal is allowed
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