CENEX UPDATE – 08.08.2020

CX - Amendment in rule 4(7) of CCR has got only prospective effect - for goods and invoices received prior to 1st September, 2014/11th July 2014, Cenvat Credit can be taken, being a vested right: CESTAT

ST - Benefit of Exemption under 1/2006-ST is admissible as it provides that Notification shall not apply only if the Credit has been used for providing 'such taxable service': CESTAT

Cus - Penalty imposed u/s 112(b)(i) for possession of seized Gold is not sustainable if based on assumptions & presumptions & where the person being penalized is unaware of the contraband nature of such Gold: CESTAT