Department cannot raise demand without examining the reversal of Cenvat credit and calculating proportional credit

Department cannot raise demand without examining the reversal of Cenvat credit and calculating proportional credit https://www.taxtmi.com/article/detailed?id=11163 Reversal of Cenvat credit covering the proportionate credit attributable to exempted or nil-rated clearances negates the basis for imposing a separate deemed-demand; Rule 6 provides reversal as an option for the assessee and the department must examine and calculate proportionate credit before raising any alternative demand. Excess reversal may require reconsideration for adjustment against interest, and a personal penalty premised on this interpretation was set aside and the matter remanded. en-us Thu, 02 Mar 2023 10:06:50 +0530 Thu, 02 Mar 2023 10:06:50 +0530 TaxTMI RSS Generator Department cannot raise demand without examining the reversal of Cenvat credit and calculating proportional credit https://www.taxtmi.com/article/detailed?id=11163 Reversal of Cenvat credit covering the proportionate credit attributable to exempted or nil-rated clearances negates the basis for imposing a separate deemed-demand; Rule 6 provides reversal as an option for the assessee and the department must examine and calculate proportionate credit before raising any alternative demand. Excess reversal may require reconsideration for adjustment against interest, and a personal penalty premised on this interpretation was set aside and the matter remanded. Articles Central Excise Thu, 02 Mar 2023 10:06:50 +0530 https://www.taxtmi.com/article/detailed?id=11163