No Penalty Applies when wrongful CENVAT Credit Claim Reversed Voluntarily before issuance of SCN: CESTAT reduces Penalty [Read Order]
CESTAT reduces the penalty on M/s. Natesan Synchrocones Pvt. Ltd. for wrongful CENVAT credit, emphasising the reversal with interest before the issuance of Show Cause Notice as evidence of no intent to evade duty
By Devanand T R - On November 9, 2024 11:05 am - 3 mins read
The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), Chennai has reduced the penalty imposed on M/s. Natesan Synchrocones Pvt. Ltd. for wrongful availing of Central Value Added Tax ( CENVAT ) credit. The decision was based on the finding that the appellant had reversed the incorrectly availed credit along with interest before…
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