CENVAT Credit on Capital Goods: Interest Liability Applies, No Penalty for Early Claim of 50% Credit.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CENVAT credit - capital goods - disallowance of Cenvat credit being 50% of the eligible credit, which was required to be taken in the subsequent year, but was taken in the 1st year itself - only the liability for interest survives, no penalty is excisable - AT....