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2018 (9) TMI 1652 - AT - Central ExciseIrregular availment of CENVAT credit - utilization of such credit on inputs and input services in the manufacture of first clearance of craft paper - Held that:- The issue decided in the case of M/S. SRIPATHI PAPER & BOARDS VERSUS CCE & ST, TIRUNELVELI [2018 (9) TMI 891 - CESTAT CHENNAI], where it was held that the assesse has to necessarily pay an amount equivalent to the credit availed on inputs, inputs in the process of manufacture and inputs in the final products lying in stock either by deducting the amount from the balance available in their books of accounts and, if there is no sufficient balance, then, by way of cash payment. With regard to the balance credit available in the appellant’s books after such reversing as on 31.03.2010, if any, is lapsed - appeal allowed - decided in favor of appellant.
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