26 September 2010
hi to all mr x steel is denied the benefit of a notification under which excise duty exemption is granted to steel rod manufactures (subject to monetary limit) if cenvat credit odgf duty paid on input is taken.x steel erronously took cenvat credit on input first, but prior to utilization ,reversed the same. is the action of department justified ? can penaltybe levied? reply please , thanx
27 September 2010
No penalty can be lavied if credit has not been utilised. If you have recd. any letter etc from the deptt. share it with me then I may advise accordingly.
CAclubindia
