Reversal of CENVAT Credit - provision for slow moving inventory ...

CENVAT Credit Reversal for Slow-Moving Inventory Set Aside Due to Revenue Neutrality and Lack of Specificity by Revenue.

April 30, 2022

Case Laws Central Excise AT

Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the general provision has been made. It is further evident that appellant have led evidence that such provision has been varied from year to year by way of writing back, on the usage of the inventory as required. - Further, the situation is revenue neutral as the appellant have written off the majority of the provision created on utilisation of the inventory in manufacturing and clearance of finished goods. - Demand set aside - AT

View Source

← Previous Next →

Reversal of CENVAT Credit - provision for slow moving inventory ...

CENVAT Credit Reversal for Slow-Moving Inventory Set Aside Due to Revenue Neutrality and Lack of Specificity by Revenue.

April 30, 2022

Case Laws Central Excise AT

You may also like:

Reversal of CENVAT Credit - inputs written off - provision made in the books of accounts on account of Non-Moving Inventory, without reducing the value of inventory -...

Reversal of CENVAT Credit - provision for slow/non-moving inventory made - Admittedly, revenue have not been able to identify the details of inventory or asset, for...

Extended period of limitation – Revenue neutrality - Demand set aside - AT

Service tax demand on Goods Transport Agency (GTA) services rendered on reverse charge basis set aside as appellant did not collect service tax from service recipient....

CENVAT Credit - provision made in the books of accounts on account of Non-Moving Inventory, without reducing (writing down) the value of inventory - Rule 3(5B) of Cenvat...

Reversal of cenvat credit - For proper verification of the figures of Cenvat credit reversal by the appellant, the same has not been done by the adjudicating authority...

CENVAT Credit - suo moto re-credit of Cenvat credit which was reversed at the instance of Audit Team on GTA service - appellant is entitle for Cenvat credit - demand set aside - AT

Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

Re-credit of Cenvat Credit alrady reversed (suo motu) - When the reversal/adjustment is made under Rule 6(3A), the time-limit as prescribed in the Cenvat Credit Rules,...

Cenvat Credit - 100% EOU - Reversal of cenvat credit availed on inputs removed from the factory as such against CT-3 certificate - no reversal of credit is required - AT

Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

Refund of unutilized Cenvat credit - Other than Rule 5 of Cenvat Credit Rules, there is no other provision either in Cenvat Credit Rules, 2004 or in Central Excise...

CENVAT Credit - 1%/2% Additional Duty of Customs (CVD) paid on the imported coal - The appellant has stated that though the appellant had taken CENVAT credit of CVD paid...

The case involves eligibility of CENVAT Credit on input services for output services including short-term accommodation, restaurant, rent-a-cab, and consultancy services....

Quick Updates: