https://www.taxtmi.com/caselaws?id=211816 A retrospective amendment to Rule 16 and the accompanying CBEC circular regularised the CENVAT credit structure for wire-drawing units that had paid an amount treated as duty on drawn wire after availing input credit. The circular clarified that such payment would be regarded as duty, allowing the buyer of drawn wire to take credit, while units that had not paid duty during the relevant period would not incur additional liability. In view of this binding clarification, denial of CENVAT credit, together with the consequential demand, interest, and penalty, could not be sustained and was set aside. en-us Mon, 05 Mar 2012 00:00:00 +0530 Thu, 05 Apr 2012 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211816 A retrospective amendment to Rule 16 and the accompanying CBEC circular regularised the CENVAT credit structure for wire-drawing units that had paid an amount treated as duty on drawn wire after availing input credit. The circular clarified that such payment would be regarded as duty, allowing the buyer of drawn wire to take credit, while units that had not paid duty during the relevant period would not incur additional liability. In view of this binding clarification, denial of CENVAT credit, together with the consequential demand, interest, and penalty, could not be sustained and was set aside. Case-Laws Central Excise Mon, 05 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211816