Summary
- The Madras High Court has ruled that no CENVAT credit can be claimed on Countervailing Duty (CVD) paid through DEPB scrips for the fiscal year 2003-04.
- The court allowed the Revenue's appeal, reinstating the excise duty demand and upholding the extended limitation period.
- It also rejected the Tribunal's findings regarding revenue neutrality, emphasizing a significant legal precedent.
- This decision could have far-reaching implications for businesses relying on DEPB scrips for duty payments.
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