Cenvat credit reversal dispute resolved under retrospective option once attributable credit and interest were reversed

The dispute over reversal of Cenvat credit on electricity wheeled out was treated as resolved under the statutory option accepted under section 73 of the Finance Act, 2010. The assessee had reversed the attributable credit with interest in line with the retrospective dispensation, and the accepted option, supported by the Commissioner's letter, meant the demand controversy no longer required further adjudication.

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Issues: Whether the dispute relating to reversal of Cenvat credit on electricity wheeled out stood resolved under the option accepted under section 73 of the Finance Act, 2010.

Analysis: The accepted option and the Commissioner's letter showed that the assessee had reversed the attributable credit with interest in terms of the retrospective dispensation under section 73 of the Finance Act, 2010. Once the statutory option was accepted, the controversy relating to the demand did not require further adjudication.

Conclusion: The dispute stood resolved under section 73 of the Finance Act, 2010, and no further examination of the revenue appeal was necessary.

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