https://www.taxtmi.com/caselaws?id=385248 The Tribunal dismissed the appeals of M/s Idol Textile Ltd and M/s Balaji Prints Ltd, affirming that they were not entitled to refunds of unutilized CENVAT credit upon business closure. The Tribunal emphasized that the legislative intent behind the CENVAT Credit Rules, 2004, was to prevent tax cascading and not to provide an exemption scheme, therefore rejecting the conversion of unutilized credit into cash refunds. The decision was pronounced on 29/08/2019. en-us Thu, 29 Aug 2019 00:00:00 +0530 Mon, 02 Sep 2019 07:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385248 The Tribunal dismissed the appeals of M/s Idol Textile Ltd and M/s Balaji Prints Ltd, affirming that they were not entitled to refunds of unutilized CENVAT credit upon business closure. The Tribunal emphasized that the legislative intent behind the CENVAT Credit Rules, 2004, was to prevent tax cascading and not to provide an exemption scheme, therefore rejecting the conversion of unutilized credit into cash refunds. The decision was pronounced on 29/08/2019. Case-Laws Central Excise Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385248