https://www.taxtmi.com/article/detailed?id=2019 Rule 15 of the CENVAT Credit Rules prescribes confiscation and penalties where CENVAT credit is wrongly availed or taken without reasonable steps to ensure duty or service tax payment, with separate penal limits for inputs/capital goods and for input services; aggravated sanctions attach where wrongful availment or utilisation results from fraud, wilful misstatement, collusion or suppression of facts, and interest is assessed from utilisation of credit. Judicial decisions recognize bona fide interpretation and timely reversal as defenses to penalty. en-us Sat, 02 Feb 2013 12:39:23 +0530 Sat, 02 Feb 2013 12:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=2019 Rule 15 of the CENVAT Credit Rules prescribes confiscation and penalties where CENVAT credit is wrongly availed or taken without reasonable steps to ensure duty or service tax payment, with separate penal limits for inputs/capital goods and for input services; aggravated sanctions attach where wrongful availment or utilisation results from fraud, wilful misstatement, collusion or suppression of facts, and interest is assessed from utilisation of credit. Judicial decisions recognize bona fide interpretation and timely reversal as defenses to penalty. Articles Service Tax Sat, 02 Feb 2013 12:39:23 +0530 https://www.taxtmi.com/article/detailed?id=2019