Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of The appellant reversed CENVAT credit under Rule 3(5B) of the CENVAT Credit Rules, 2004, upon writing off the value of capital goods in their books. The demand for interest and penalty for the period prior to 01.03.2013 was held unsustainable, as the recovery provision was introduced only from that date and cannot be applied retrospectively. For the period after 01.03.2013, interest was not payable since the appellant had adequate CENVAT credit balance to meet the reversal liability, and interest is only due when credit is wrongly availed and utilized. Consequently, the penalty imposed for non-payment of interest was also set aside. The appellate authority set aside the impugned order and allowed the appeal, holding that the appellant is not liable for interest or penalty on the reversal of CENVAT credit under Rule 3(5B).
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