Home Case Index All Cases Central Excise Central Excise + HC Central Excise - 2013 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (9) TMI 1126 - DELHI HIGH COURTReversal of MODVAT credit - Special Scheme - Court directed that the Modvat Credit so reversed would be considered as provisional and upon final deduction, the correct amount shall be computed. It was further directed that in case the aforesaid provisional reversal is found to be short, then the assessee/tax payer would be liable to make it good along with interest @20% per annum. Held that: - The Chief Commissioner/Commissioner will appoint a Cost Accountant to determine the correct amount of Modvat Credit to be reversed as per the Special Scheme dated 04.01.1997 - The adjudicating authority/Commissioner will then consider the report and thereafter determine and decide the correct amount of Modvat Credit required to be reversed after giving adequate opportunity to the petitioners - as the rate of interest has already been fixed by the High Court order, the said rate of interest will not be interfered with - Petition disposed off.
|