https://www.taxtmi.com/caselaws?id=202390 CENVAT credit had to be reversed where tubes and flaps purchased on credit were not used in manufacture but were resold along with tyres in the same form, making the transaction one of purchase and resale rather than use as inputs; the assessee could not retain credit on goods removed as such. The extended limitation period was also available because the assessee's statement that purchase and sale prices were the same was found to be incorrect and had suppressed the true nature of the transaction. Demand for differential duty with interest was restored, but penalty was set aside as the dispute arose from a misunderstanding of law. en-us Tue, 17 Aug 2010 00:00:00 +0530 Tue, 01 Feb 2011 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202390 CENVAT credit had to be reversed where tubes and flaps purchased on credit were not used in manufacture but were resold along with tyres in the same form, making the transaction one of purchase and resale rather than use as inputs; the assessee could not retain credit on goods removed as such. The extended limitation period was also available because the assessee's statement that purchase and sale prices were the same was found to be incorrect and had suppressed the true nature of the transaction. Demand for differential duty with interest was restored, but penalty was set aside as the dispute arose from a misunderstanding of law. Case-Laws Central Excise Tue, 17 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202390