https://www.taxtmi.com/caselaws?id=180808 Reversal of wrongly availed capital goods CENVAT credit can preserve exemption under a notification requiring non-availment of credit, because such reversal is treated as if the credit had not been taken for exemption purposes. By contrast, where credit was fraudulently availed, interest runs from the date of taking the credit until reversal, and equal penalty may still apply even if reversal occurred before the show cause notice. A personal penalty on the director under Rule 26 was not sustained because the order did not record adequate findings establishing the rule's ingredients. en-us Tue, 24 Feb 2015 00:00:00 +0530 Sat, 02 Apr 2016 10:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180808 Reversal of wrongly availed capital goods CENVAT credit can preserve exemption under a notification requiring non-availment of credit, because such reversal is treated as if the credit had not been taken for exemption purposes. By contrast, where credit was fraudulently availed, interest runs from the date of taking the credit until reversal, and equal penalty may still apply even if reversal occurred before the show cause notice. A personal penalty on the director under Rule 26 was not sustained because the order did not record adequate findings establishing the rule's ingredients. Case-Laws Central Excise Tue, 24 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180808