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2010 (7) TMI 448 - AT - Central ExciseInterest – cenvat credit – Cenvat credit reversed on same day on which it has been taken – while cenvat credit demand has been rightly confirmed by the Commissioner, there would be no occasion to charge interest as cenvat credit has been stood reversed on the same day on which the same has been taken. Penalty – cenvat credit - the cenvat credit was reversed on the same day on which it had been taken and its availment was declared in the ER-1 return as well as in the Cenvat Credit return filed under Rule 7(6) of Cenvat Credit Rules, 2002 there is no justification for imposition of penalty of Rs. 2 lakhs and the same is liable to be set aside.
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