https://www.taxtmi.com/caselaws?id=766875 CESTAT Kolkata held that Rule 3(5B) of CENVAT Credit Rules, 2004 does not apply to provisions for slow-moving inventory that are not written off. The appellant only reduced inventory values for accounting purposes following conservatism principles and compliance with accounting standards, without intention to write off inventory. The Tribunal distinguished this from obsolete unusable items. Extended limitation period under Section 11A(4) was deemed inapplicable as the government undertaking maintained transparent records with statutory audits and filed proper returns without suppressing information. The demand, interest, and penalty were set aside and appeal allowed. en-us Thu, 13 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766875 CESTAT Kolkata held that Rule 3(5B) of CENVAT Credit Rules, 2004 does not apply to provisions for slow-moving inventory that are not written off. The appellant only reduced inventory values for accounting purposes following conservatism principles and compliance with accounting standards, without intention to write off inventory. The Tribunal distinguished this from obsolete unusable items. Extended limitation period under Section 11A(4) was deemed inapplicable as the government undertaking maintained transparent records with statutory audits and filed proper returns without suppressing information. The demand, interest, and penalty were set aside and appeal allowed. Case-Laws Central Excise Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766875