https://www.taxtmi.com/caselaws?id=437789 The Tribunal allowed the appeal, setting aside the demand and penalties imposed on the Appellant for the late submission of the option letter for proportionate reversal of credit under Rule 6(3A) of Cenvat Credit Rules, 2004. The Tribunal held that the demand was not sustainable and referred to previous decisions supporting assesses in similar situations. The Appellant's payments made in compliance with the rules were accepted, and penalties were waived, emphasizing the legislative intent to enable such reversals despite procedural lapses. en-us Mon, 03 Apr 2023 00:00:00 +0530 Mon, 15 May 2023 08:25:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437789 The Tribunal allowed the appeal, setting aside the demand and penalties imposed on the Appellant for the late submission of the option letter for proportionate reversal of credit under Rule 6(3A) of Cenvat Credit Rules, 2004. The Tribunal held that the demand was not sustainable and referred to previous decisions supporting assesses in similar situations. The Appellant's payments made in compliance with the rules were accepted, and penalties were waived, emphasizing the legislative intent to enable such reversals despite procedural lapses. Case-Laws Central Excise Mon, 03 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437789