2014 (1) TMI 722

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....ra, Addl. Commr.(A.R.) ORDER Per Dr. D.M. Misra; 1. This is an application seeking waiver of pre-deposit of CENVAT Credit of Rs.3,22,42,670/- and equal amount of penalty imposed under Rule 15 of CENVAT Credit Rules, 2004. 2. Shri Arun Kr. Agarwal, Ld. Chartered Accountant at the outset submitted that the applicants are engaged in providing services under the categories of Management, M....

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....t submitted that CENVAT Credit of around Rs.100 Lakhs were relating to input services around Rs.71 Lakhs as inputs and Rs.151 Lakhs as capital goods, used in or in relation to the construction of the building and providing the services. The Ld. Chartered Accountant has submitted that the financial condition of the company is very bad and they have incurred a loss of around Rs.18 Crores for the per....

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....able. However, admissibility of CENVAT Credit on inputs viz. bars, rods, cements, etc. and other capital goods used in the construction of building, which was ultimately given on rent, prima facie, not admissible to CENVAT Credit for providing services of renting of immovable property. In these circumstances, keeping in view the interest of Revenue as well as the financial hardship of the applican....