https://www.taxtmi.com/highlights?id=85020 An EOU (100% Export Oriented Unit) is entitled to take suo-moto re-credit of the CENVAT credit earlier reversed, without following the refund procedure u/s 11B of the Central Excise Act, 1944. When the original credit was eligible, and the reversal was merely an accounting entry, suo-moto re-credit is permissible. The extended period of limitation cannot be invoked without evidence of willful misstatement or suppression. Consequently, the demand of Rs.40,64,459/- u/r 14 of CENVAT Credit Rules, 2004 read with Section 11A of the Central Excise Act, 1944, interest, and penalties were held untenable by the CESTAT. The appeal was allowed. en-us Tue, 21 Jan 2025 09:16:26 +0530 Tue, 21 Jan 2025 09:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85020 An EOU (100% Export Oriented Unit) is entitled to take suo-moto re-credit of the CENVAT credit earlier reversed, without following the refund procedure u/s 11B of the Central Excise Act, 1944. When the original credit was eligible, and the reversal was merely an accounting entry, suo-moto re-credit is permissible. The extended period of limitation cannot be invoked without evidence of willful misstatement or suppression. Consequently, the demand of Rs.40,64,459/- u/r 14 of CENVAT Credit Rules, 2004 read with Section 11A of the Central Excise Act, 1944, interest, and penalties were held untenable by the CESTAT. The appeal was allowed. Highlights Central Excise Tue, 21 Jan 2025 09:16:26 +0530 https://www.taxtmi.com/highlights?id=85020