https://www.taxtmi.com/caselaws?id=258538 Cenvat credit taken on invoices issued by a fictitious supplier was treated as unsustainable where the assessee failed to show reasonable verification of the supplier's genuineness. The governing rules required due precaution before availing credit, and breach of those requirements attracted penalty. Because the underlying transaction was tainted by fraud, the credit could not be regarded as validly availed. The reduced penalty imposed by the authorities was found consistent with the proved facts and applicable rules, and the penalty was upheld against the assessee. en-us Tue, 13 Jan 2015 00:00:00 +0530 Mon, 05 Oct 2015 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258538 Cenvat credit taken on invoices issued by a fictitious supplier was treated as unsustainable where the assessee failed to show reasonable verification of the supplier's genuineness. The governing rules required due precaution before availing credit, and breach of those requirements attracted penalty. Because the underlying transaction was tainted by fraud, the credit could not be regarded as validly availed. The reduced penalty imposed by the authorities was found consistent with the proved facts and applicable rules, and the penalty was upheld against the assessee. Case-Laws Central Excise Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258538