TaxTMI 
TaxTMI 
2014 (2) TMI 567
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....DR, for the Respondent. ORDER The appellant M/s. Jubiliant Organosys Ltd. is engaged in the manufacture of rubber latex falling under CETH 40021100 and organic chemicals falling under CETH 29. 2. During the course of scrutiny of records/documents, it was observed that the appellant had availed Cenvat credit of duty paid on various inputs and many of the inputs were cleared as such. O....
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....een invoked because the short payment occurred due to non-modification of the software utilized by them for maintenance of Cenvat credit account. The software had been designed to pay tax on the transaction value but when the amendment took place it was not modified. The claim of bona fide belief arising because of these difficulties has been accepted by the learned Commissioner (Appeals) in the i....
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....than the short payment, it would mean that the Cenvat credit was not actually utilized. It was also a prevailing view that interest is payable only in case Cenvat credit has been utilized. Therefore, the learned Chartered Accountant submits that in this case the appellant had a bona fide belief that interest was not payable and duty amount had been deposited even without waiting for proceedings. F....
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....ons that if the Cenvat credit has not been utilized, no interest is payable. Further, it was also a prevailing view that if excess Cenvat credit is available in the books, it would result in a situation whereby the Cenvat credit has not been utilized in respect of any short levy arising because of wrong utilization of Cenvat credit. In view of the above position, the submission that the provisions....