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HomeIndirect TaxesSame-Day Reversal Equals No Availment: CESTAT Quashes Interest and Penalty in Cenvat...

Same-Day Reversal Equals No Availment: CESTAT Quashes Interest and Penalty in Cenvat Credit Case

Indirect Taxes

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By Mariya Paliwala
Same-Day Reversal Equals No Availment: CESTAT Quashes Interest and Penalty in Cenvat Credit Case

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The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Bangalore has held that where the assessee had reversed the required amount on the same day as availment of credit, no interest or penalty was sustainable in law. The bench of Dr. D.M. Misra (Judicial  Member) and Pullela Nageswara Rao (Technical  Member) have observed that the…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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