https://www.taxtmi.com/caselaws?id=383561 Where an exemption notification makes non-availment of Cenvat credit a condition for the concessional rate, credit taken on capital goods used in manufacturing the exempted product must be actually reversed to satisfy that condition. Mere non-utilisation of the balance credit in the account does not amount to reversal. On the facts recorded, part of the credit had already been repaid with interest, so the demand survived only for the unreversed balance. Interest and penalty were not sustainable because the remaining credit continued to lie unutilised and the authorities had accepted the partial reversal. en-us Mon, 22 Jul 2019 00:00:00 +0530 Thu, 25 Jul 2019 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383561 Where an exemption notification makes non-availment of Cenvat credit a condition for the concessional rate, credit taken on capital goods used in manufacturing the exempted product must be actually reversed to satisfy that condition. Mere non-utilisation of the balance credit in the account does not amount to reversal. On the facts recorded, part of the credit had already been repaid with interest, so the demand survived only for the unreversed balance. Interest and penalty were not sustainable because the remaining credit continued to lie unutilised and the authorities had accepted the partial reversal. Case-Laws Central Excise Mon, 22 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383561