https://www.taxtmi.com/caselaws?id=335266 The tribunal ruled in favor of the department, requiring the appellants to reverse the Cenvat credit on inputs written off as extraordinary income under Rule 3(5B) of the Cenvat Credit Rules, 2004. The tribunal held that the appellants' failure to pay vendors, resulting in the write-off, equated to writing off inputs, justifying the credit reversal along with interest. Additionally, the tribunal emphasized that the Cenvat credit scheme applies only when duty on goods is paid, making the appellants ineligible to claim credit in this case. The tribunal dismissed the appeal, upholding the decision based on legal provisions and the specific circumstances of the case. en-us Wed, 19 Oct 2016 00:00:00 +0530 Tue, 29 Nov 2016 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335266 The tribunal ruled in favor of the department, requiring the appellants to reverse the Cenvat credit on inputs written off as extraordinary income under Rule 3(5B) of the Cenvat Credit Rules, 2004. The tribunal held that the appellants' failure to pay vendors, resulting in the write-off, equated to writing off inputs, justifying the credit reversal along with interest. Additionally, the tribunal emphasized that the Cenvat credit scheme applies only when duty on goods is paid, making the appellants ineligible to claim credit in this case. The tribunal dismissed the appeal, upholding the decision based on legal provisions and the specific circumstances of the case. Case-Laws Central Excise Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335266