Section 14 in The CENVAT Credit Rules, 2017
14. Transfer of CENVAT credit of additional duty leviable under su.
- section (5) of section ... under the Income-tax Act, 1961 ( 43 of 1961 ), may transfer unutilised CENVAT credit of additional duty leviable under sub-section (5) of section
Rule 5 of the CENVAT
Credit Rules, 2004 to sanction Refund in cash of the unutilized
CENVAT Credit lying in CENVAT account on closure ... conditions mentioned in the Cenvat Credit Rules,
2004, thus it is undisputed that Respondent-Assessee took Cenvat credit as
per Cenvat Credit Rules, 2004 hence
affidavit-in-reply. He argued before us that the assessee had
unutilised CENVAT credit to the tune ... loans and
advances. The assessee followed exclusive method of accounting.
Unutilised CENVAT credit was required to be considered for
adjustment under section 145A
addition of Rs. 90,72,239/- on account of disallowance of
unutilised CENVAT credit:-
7. The AO noticed that there was unutilised CENVAT credit shown ... provision of
Sec. 145A of the Act the unutilised CENVAT credit had to be included in the
closing stock of raw material as work
closing stock of
Rs.4,00,47,285/- on account of unutilised Cenvat credit under Section 145A.
2) The Assessing Officer erred in ignoring ... making an addition of Rs.59,81,648/- on account of unutilised Cenvat
credit under Section 145A, when, in fact, he had correctly proposed
Assessee that the Assessee was entitled to adjust such unutilised
CENVAT credit carried forward in its Electronic Ledger, which was so
lying unutilised ... vested right came to accrue with the
Assessee to utilise such unutilised CENVAT Credit of Education Cess
and Secondary and Higher Education Cess against
Cenvat Credit Rules, 2004, claiming refund of the unutilised cenvat credit. The refund application filed by the appellant for the quarter ending September ... cenvat credit. Refund of cenvat credit under Rule 5 of the Cenvat Credit Rules, 2004 entitles a service provider to claim refund of cenvat credit
Signing Date:07.08.2023
Authority has sanctioned the refund of unutilised Cenvat Credit
as claimed by the petitioner, but has denied the interest on the
said ... refund
of unutilised credit for different tax periods. A tabular statement
setting out the claims for refund of unutilised Cenvat Credit is set
out below
Having availed the route of
exemption, the assessee had written off unutilised cenvat
credit availed on the input in its P&L account ... favor of the assessee by noting that the
writing off of unutilised cenvat credit as availed on the
input was allowable as a revenue expenditure
Larsen & Toubro Limited
2. Addition in respect of unutilised CENVAT credit (₹25,09,46,927/-) and
sales ... raised by the assessee is in respect of the
addition towards unutilised CENVAT credit amounting to
₹25,09,46,927 and sales
