Home Case Index All Cases Central Excise Central Excise + AT Central Excise - 2011 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (1) TMI 234 - CESTAT, CHENNAICenvat credit - CENVAT credit in respect of duty paid on inputs, capital goods and input service in terms of CENVAT Credit Rules, 2004 – assessee maintained separate accounts in respect of common inputs used both for dutiable and exempted products; however, they did not maintain separate accounts of common input services used in the manufacture of both categories of products - For the period prior to 1.4.08, the assessees are covered by provisions of retrospectively amended Section 73 (1) of the Finance Act, 2010 which provides that pending reversal of credit may be made as per the formula prescribed under Rule 6 (3A) along with interest @ 24% per annum - assessees have already reversed the credit on input service attributable to the value of exempted goods on the basis of percentage of the value of exempted goods and deriving the same percentage of CENVAT credit availed together with interest - once the credit reversed on exempted goods, it is deemed that credit has not been taken, the demand set aside as not sustainable
|