Due to oversight Capital goods invoice of year 08/2014 was misplaced and found in Feburary 2016 and and entry in RG 23 C -Part II made in Feburary 2014 . I already had cenvat of approximately 3 crore in books in Feburary 2016 and this was not utilized.
Please wether i should reverse the Cenvat amount in March 2017
Debate Over Cenvat Credit Validity for Misplaced 2014 Invoice Found in 2016: Circulars vs. Credit Rules Interpretation A participant queried about whether to reverse Cenvat credit taken in February 2016 for a capital goods invoice dated August 2014, which was misplaced and found later. Several replies were given. One response cited a circular indicating a one-year limit on claiming credit, but others argued that the credit was valid since it was availed within the second financial year, aligning with Credit Rules. Another highlighted the importance of accounting treatment and potential errors in the original query. Discussions also covered the non-binding nature of circulars and the significance of case law in interpreting regulations. (AI Summary)
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