https://www.taxtmi.com/caselaws?id=362316 Rule 6(3B) of the Cenvat Credit Rules, 2004 applied only to a banking company, financial institution or non-banking financial company. On the text of the rule and the relevant statutory definitions, a manufacturing assessee whose principal business was manufacture and not banking, deposit-taking or lending did not fall within those classes, even if it provided taxable banking and other financial services on reverse charge basis. The provision had to be applied strictly as written and could not be extended by analogy. The demand for reversal of 50% of Cenvat credit, with consequential interest and penalty, was therefore unsustainable. en-us Wed, 20 Jun 2018 00:00:00 +0530 Sat, 23 Jun 2018 08:31:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362316 Rule 6(3B) of the Cenvat Credit Rules, 2004 applied only to a banking company, financial institution or non-banking financial company. On the text of the rule and the relevant statutory definitions, a manufacturing assessee whose principal business was manufacture and not banking, deposit-taking or lending did not fall within those classes, even if it provided taxable banking and other financial services on reverse charge basis. The provision had to be applied strictly as written and could not be extended by analogy. The demand for reversal of 50% of Cenvat credit, with consequential interest and penalty, was therefore unsustainable. Case-Laws Central Excise Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362316