EOU entitled to suo-moto re-credit of eligible CENVAT credit reversed by accounting entry.

1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available

2. New: “In Favour Of” filter added in Case Laws.

Try both these filters in Case Laws →

EOU entitled to suo-moto re-credit of eligible CENVAT credit reversed by accounting entry.

X X X X Extracts X X X X

....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.....

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

EOU entitled to suo-moto re-credit of eligible CENVAT credit reversed by accounting entry.