https://www.taxtmi.com/caselaws?id=375304 The Tribunal held that the Cenvat credit availed on inputs cleared "as such" was not irregular as the credit was reversed at the time of clearance, in line with Rule 3(4) of the Cenvat Credit Rules. It was determined that no interest liability arises when credit is reversed before utilization, as supported by precedent. The Tribunal found no justification for imposing penalties under Rule 15, setting aside the demand for interest and penalties. The appeal by the Revenue was rejected, emphasizing the importance of complying with procedural requirements for reversing Cenvat credit. en-us Fri, 25 Jan 2019 00:00:00 +0530 Mon, 18 Feb 2019 06:33:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375304 The Tribunal held that the Cenvat credit availed on inputs cleared "as such" was not irregular as the credit was reversed at the time of clearance, in line with Rule 3(4) of the Cenvat Credit Rules. It was determined that no interest liability arises when credit is reversed before utilization, as supported by precedent. The Tribunal found no justification for imposing penalties under Rule 15, setting aside the demand for interest and penalties. The appeal by the Revenue was rejected, emphasizing the importance of complying with procedural requirements for reversing Cenvat credit. Case-Laws Central Excise Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375304