https://www.taxtmi.com/caselaws?id=356358 The tribunal ruled in favor of the appellant, M/s CEAT Ltd., setting aside the interest liability and penalty imposed for allegedly availing CENVAT credit prematurely. The tribunal emphasized that credit availment timing was not restricted as long as input receipt and utilization were undisputed. It clarified that interest under rule 14 of CENVAT Credit Rules, 2004 applied only to wrongly taken/utilized credit, not timing issues. The tribunal highlighted the importance of record-keeping for tax obligations but ultimately found in favor of the appellant, ruling that the imposition of penalties lacked legal basis. en-us Fri, 12 Jan 2018 00:00:00 +0530 Mon, 05 Mar 2018 07:13:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356358 The tribunal ruled in favor of the appellant, M/s CEAT Ltd., setting aside the interest liability and penalty imposed for allegedly availing CENVAT credit prematurely. The tribunal emphasized that credit availment timing was not restricted as long as input receipt and utilization were undisputed. It clarified that interest under rule 14 of CENVAT Credit Rules, 2004 applied only to wrongly taken/utilized credit, not timing issues. The tribunal highlighted the importance of record-keeping for tax obligations but ultimately found in favor of the appellant, ruling that the imposition of penalties lacked legal basis. Case-Laws Central Excise Fri, 12 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356358