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2016 (11) TMI 315 - HC - Central ExciseCompliance stay order - payment through cenvat credit - debit entry made in the ledger - Held that:- The subsequent claim of deposit by way of a debit entry in a ledger cannot be construed as a sufficient deposit of security against an amount found due and payable by an adjudicating authority. The debit entry has been made on the basis of an assumption that the petitioner would be entitled to a credit in respect of certain goods. That credit may or may not ultimately fructify. Without that credit actually fructifying, the petitioner cannot claim such credit for the purpose of making a debit entry in discharge of its liability. First a credit has to become an asset of the petitioner for the same being used for the purpose of discharge a liability of the petitioner. By making a debit entry, essentially, the petitioner is trying to utilise public money to secure the claim of the authorities. - Not allowed - Amount to be deposited in Cash.
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