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2016 (1) TMI 695 - CESTAT MUMBAI

2016 (1) TMI 695 - CESTAT MUMBAI - TMI - Reversal of CENVAT credit - calculation of interest - amount of CENVAT credit attributable to inputs used in the exempted goods - Held that:- The appellant has already reversed ₹ 1,90,160.91 which is attributable to the inputs used for manufacture of goods cleared under exemption. Provisions of Rule 6(3) are applicable in this case and the assessee having deposited an amount of ₹ 2,43,600/- on the direction of the Tribunal, they can be extende .....

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, accordingly allow the appeal filed by the appellant to that extent and hold that the lower authority shall work out the interest payable on amount of ₹ 1,90,160.91 and adjust the amount of CENVAT Credit to the already paid of ₹ 2,43,600/- and interest thereof, from the deposit already made by the appellant on the direction of the Tribunal and if any interest is recoverable the same be recovered from the appellant. As regards the penalty, it is held that in the facts and circumstanc .....

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an amount equivalent to 10% of the value of exempted goods cleared by the appellant under invoice dated 16.4.2008 claiming the exemption under Notification No. 10/97 as amended by 16/07. The appellant availed CENVAT Credit on the duty paid inputs which are common to dutiable as well as exempted goods as cleared by invoice dated 16.4.2008. It is the claim of the learned C.A. that the appellant had reversed the exact amount attributable to the inputs which have gone in the manufacture of final pr .....

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