Retrospective amendment to CENVAT credit rules validates past denials, bars suits, and mandates recovery with interest. The retrospective amendment to rule 3(3) of the CENVAT Credit Rules, 2001 deems the modified scope of allowable CENVAT credit effective from dates in the Seventh Schedule until supersession, validates or invalidates past actions as if the amendment had always applied, bars suits or enforcement permitting credit contrary to the amendment, mandates recovery of improperly taken or utilised CENVAT credit within a prescribed period following Presidential assent with interest on overdue amounts, treats the Central Government as having had retrospective rule-making power for this purpose, and clarifies no new penal liability is created.
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Retrospective amendment to CENVAT credit rules validates past denials, bars suits, and mandates recovery with interest.
The retrospective amendment to rule 3(3) of the CENVAT Credit Rules, 2001 deems the modified scope of allowable CENVAT credit effective from dates in the Seventh Schedule until supersession, validates or invalidates past actions as if the amendment had always applied, bars suits or enforcement permitting credit contrary to the amendment, mandates recovery of improperly taken or utilised CENVAT credit within a prescribed period following Presidential assent with interest on overdue amounts, treats the Central Government as having had retrospective rule-making power for this purpose, and clarifies no new penal liability is created.
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