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2016 (11) TMI 1214 - AT - Central ExciseReversal of CENVAT credit - alteration in assessable value - impact of credit notes on the transaction value - Held that: - any circular issued by C.B.C. is a clarification on the existing provisions of Rules and therefore it is applicable for the entire period for which such Rules and para materia Rules existed on statute - It is very clear from the above circular that when subsequently the supplier allows some trade discount or reduces the price, without reducing the duty paid by him, the duty paid is admissible as Cenvat Credit. It is undisputed that the duty paid by the input manufacturers remained unaltered in the present case even after issue of credit notes. The circular squarely covers the issue involved. Appeal allowed.
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