https://www.taxtmi.com/caselaws?id=366559 The Tribunal upheld the ineligibility of CENVAT credit on input services related to trading activities, as trading does not qualify as a taxable service. It clarified that trading was not considered an exempted service before 1.4.2011, rejecting the appellant's argument. The demand for wrongly availed CENVAT credit and interest amounting to Rs. 3,22,07,534/- was affirmed. However, the demand of Rs. 35,91,928/- for short-paid duty due to wrong utilization of credit was set aside to avoid duplication. Penalties under section 78 were also overturned, following the precedent that mere wrongful credit does not warrant penalties. The appeal was partly allowed with modifications to the original order. en-us Fri, 31 Aug 2018 00:00:00 +0530 Thu, 06 Sep 2018 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366559 The Tribunal upheld the ineligibility of CENVAT credit on input services related to trading activities, as trading does not qualify as a taxable service. It clarified that trading was not considered an exempted service before 1.4.2011, rejecting the appellant's argument. The demand for wrongly availed CENVAT credit and interest amounting to Rs. 3,22,07,534/- was affirmed. However, the demand of Rs. 35,91,928/- for short-paid duty due to wrong utilization of credit was set aside to avoid duplication. Penalties under section 78 were also overturned, following the precedent that mere wrongful credit does not warrant penalties. The appeal was partly allowed with modifications to the original order. Case-Laws Service Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366559