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January 2014

2013 (32) STR 525 (Tri-Chennai) Central Bank of India vs. Comm. of Ex & ST, Chennai.

By Puloma Dalal, Jayesh Gogri, Mandar Telang Chartered Accountants
Reading Time 1 mins
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Whether is there any time limit for availing the CENVAT credit?

Facts:
Appellant had taken CENVAT credit in the year 2009 for the period pertaining to year 2004 to 2009. Respondent issued SCN and denied the credit and imposed the interest and penalties.

Held:
Tribunal observed that neither the Central Excise Act nor CENVAT Credit Rules prescribed any time limit within which credit should be taken, although it was prescribed that CENVAT credit would be available immediately. The appeal was allowed with consequential reliefs.

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