https://www.taxtmi.com/caselaws?id=268373 The appellants sought eligibility for cenvat credit for lease financing provided to employees for purchasing cars. The recovery of EMI from employees was a key point of contention. Despite arguments that the vehicles were used for official purposes, the Tribunal held that the recovery of EMI did not qualify for cenvat credit. Lower authorities' denial of the credit led to a show-cause notice for service tax, interest, and penalty under Section 78 of the Finance Act 1994. Ultimately, the penalty was waived due to the debatable nature of the issue and the appellant's belief in the correctness of their practice. en-us Fri, 20 Mar 2015 00:00:00 +0530 Wed, 25 Nov 2015 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268373 The appellants sought eligibility for cenvat credit for lease financing provided to employees for purchasing cars. The recovery of EMI from employees was a key point of contention. Despite arguments that the vehicles were used for official purposes, the Tribunal held that the recovery of EMI did not qualify for cenvat credit. Lower authorities' denial of the credit led to a show-cause notice for service tax, interest, and penalty under Section 78 of the Finance Act 1994. Ultimately, the penalty was waived due to the debatable nature of the issue and the appellant's belief in the correctness of their practice. Case-Laws Service Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268373