TMI Blog2017 (11) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2010 the respondent was eligible for reversal of proportionate credit for the reason that they had reversed proposed reversal credit before issue of show-cause notice and subsequently also paid the interest thereon. Once the CENVAT credit reversed along with interest, it is as good as non-availment of CENVAT credit as held by the Hon'ble Supreme Court in the case of Chandrapur Magnet Wires ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority confirmed the demand and also imposed penalty under Section 11AC and demanded the interest. Being aggrieved by the Order-in-Original respondent filed appeal before the Commissioner (Appeals), the learned Commissioner (Appeals) allowed the appeal of the respondent on the ground that amnesty scheme brought under Finance Act, 2010 was availed correctly according to which if proportionate credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to the respondent and impugned order extending the benefit without authority of law is not sustainable. 3. None appeared on behalf of the respondent, however in the ground of cross objection they have submitted that the period involved for reversal of CENVAT credit is covered by the provisions of Finance Act, 2010. Therefore only for the reason that the CENVAT credit reversed subsequently, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rused the records. I find that the Revenue s appeal is only on the ground that the respondent have opted for retrospective amendment enacted in Finance Act, 2010 during period when the said scheme was not in existent. In this regard, I find that even without applying the amendment provision made under Finance Act, 2010 the respondent was eligible for reversal of proportionate credit for the reason ..... X X X X Extracts X X X X X X X X Extracts X X X X
|