https://www.taxtmi.com/caselaws?id=265704 The Tribunal allowed the appeal, setting aside the demand and penalty imposed on the appellant for disallowance of Cenvat Credit on input services used for both trading and taxable output services. The Tribunal held that as trading was not classified as a service before 2011, separate accounts were not required. The appellant was advised to segregate credit quarterly based on standard accounting principles to quantify the credit attributable to trading activity. Additionally, the Tribunal ruled that the demand for the period 2005-2009 was time-barred as there was no evidence of willful misstatement to invoke the extended period. en-us Thu, 10 Sep 2015 00:00:00 +0530 Sat, 27 Feb 2016 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265704 The Tribunal allowed the appeal, setting aside the demand and penalty imposed on the appellant for disallowance of Cenvat Credit on input services used for both trading and taxable output services. The Tribunal held that as trading was not classified as a service before 2011, separate accounts were not required. The appellant was advised to segregate credit quarterly based on standard accounting principles to quantify the credit attributable to trading activity. Additionally, the Tribunal ruled that the demand for the period 2005-2009 was time-barred as there was no evidence of willful misstatement to invoke the extended period. Case-Laws Service Tax Thu, 10 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265704