Reversal made with interest whether penalty @ 15% is to be paid.

Reversal made with interest whether penalty @ 15% is to be paid. https://www.taxtmi.com/forum/issue?id=112527 Reversal of wrongly availed Cenvat credit must be accompanied by payment of interest, and voluntary reversal and written intimation to the authority made before any departmental notice will generally preclude imposition of penalty; if reversal follows audit detection and is not made prior to notice, penalty is likely unless bona fides are established. en-us Fri, 04 Aug 2017 18:29:43 +0530 Thu, 23 Jan 2025 15:55:44 +0530 TaxTMI RSS Generator Reversal made with interest whether penalty @ 15% is to be paid. https://www.taxtmi.com/forum/issue?id=112527 Reversal of wrongly availed Cenvat credit must be accompanied by payment of interest, and voluntary reversal and written intimation to the authority made before any departmental notice will generally preclude imposition of penalty; if reversal follows audit detection and is not made prior to notice, penalty is likely unless bona fides are established. Discussion-Forum Service Tax Fri, 04 Aug 2017 18:29:43 +0530 https://www.taxtmi.com/forum/issue?id=112527