Intrest not payable when not utilized notification no

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..... Intrest not payable when not utilized notification no
Query (Issue) Started By: - Deepak Bhardwaj Dated:- 9-11-2013 Last Reply Date:- 18-11-2013 Central Excise
Got 3 Replies
Central Excise
Please provide the notification no which was state that interest not payable when not utilized . Reply By PAWAN KUMAR: The Reply: Central Excise Non-Tariff Notification No.18/2012-C.E.(N.T.) Dated .....

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..... 17.03.2012 amending the definition of rule 14 of Cenvat Credit Rule, 2004 2004, w.e.f. 17.03.2012. Reply By Rakesh Chitkara: The Reply: If period involved is prior to 1.4.12 : Matter is in controversy for the period prior to this amendment , nullifying Supreme Court decision in Ind-Swift case (favouring Revenue). Luckily that decision is now not valid as the Cenvat Credit Rule 14 has been amende .....

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..... d (rare thing that some thing is done in favour of assessee and the word 'or' has been replaced by 'and'. Rule 14 of Cenvat Credit Rules, as amended w.e.f. 1-4-2012 uses words 'availed and utilised'. Hence, if Cenvat credit was wrongly taken but not utilised for payment of excise duty or service tax, interest is not payable. There have been some other decisions of Tribunals lately which have soug .....

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..... ht to distinguish Ind-Swift. For instance, 2013 (7) TMI 567 - CESTAT NEW DELHI [Commissioner of Central Excise, Allahabad Versus M/s. Balrampur Chini Mills Ltd. and M/s. Jaypee Cement Blending Unit] and Contest the case if for prior period, if the amount of demand is substantial. Some case-laws (mostly against you) can be referred to understand the issue in detail ANNAVARMA CONCRETE EMCO LTD. .....

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..... HINDUSTAN INSECTICIDES LTD Gujarat State Fertilisers & Chem. GENUS ELECTROTECH LTD K.L. CONCAST (P) LTD. DENSO KIRLOSKAR LAKSHMI MACHINE WORKS Reply By Rakesh Chitkara: The Reply: Another decision has been reported in TMI in favour of assessee today on the issue. Case of Bill Forge (Karnataka High Court) = [2011 (4) TMI 969 - KARNATAKA HIGH COURT] has been relied upon, while distinguishin .....

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..... g Supreme Court order in Ind-Swift case (2011 (2) TMI 6 - Supreme Court). M/s. Gary Pharmaceuticals (P) Ltd. Versus Commissioner of Central Excise, Ludhiana. = (2013 (11) TMI 780 - CESTAT NEW DELHI)
Discussion Forum - Knowledge Sharing .....

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