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Wrong cenvat credit taken in previous years

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 September 2013 Hi friends,
My question is cenvat credit was wrongly taken in previous assessment years, but it come to known in current assessment year by audit of excise dept.

How can we treat the said issue, whether we 1) can reverse it with available cenvat credit in previous assessment years.

2) No cenvat credit available in previous assessment years but available in current assessment year.

3) need to pay in cash with interest.
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
26 September 2013 You should reverse the cenvat credit with interest. If no cenvat credit then pay from PLA account.

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