https://www.taxtmi.com/caselaws?id=174419 Wrongly availed CENVAT credit taken before opting for exemption was held adjustable against the closing balance in the credit account on the relevant date, because the available balance exceeded the disputed amount. On that footing, no separate recovery of the credit survived, and the basis for penalty also failed. The demand, interest and penalty were therefore set aside, recognising that where the disputed credit is covered by the closing balance at the time of opting for exemption, it need not be paid back separately. en-us Fri, 25 May 2012 00:00:00 +0530 Sat, 02 Jan 2016 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174419 Wrongly availed CENVAT credit taken before opting for exemption was held adjustable against the closing balance in the credit account on the relevant date, because the available balance exceeded the disputed amount. On that footing, no separate recovery of the credit survived, and the basis for penalty also failed. The demand, interest and penalty were therefore set aside, recognising that where the disputed credit is covered by the closing balance at the time of opting for exemption, it need not be paid back separately. Case-Laws Central Excise Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174419