INTRODUCTION:
The controversy on job work vis-à-vis reversal of Cenvat credit under Rule 6 is still going on. We have already written an article on the subject “JOB WORK- GOOD JOB FOR CONSULTANTS”. There are many developments in this regard and we are bringing the same through this article. This issue has given rise to huge demands and as such the industry is also very much worried for the same. The credit taken on common inputs is very small but the demand is very huge. The authors of this article have come across the situation where the credit taken on common inputs was only Rs. 30,000 but the demand raised was around Rs. 65 Lakhs. Thus, it has created havoc in the minds of industrialists. Even the defenses taken in reply of such demands were struck down by the tribunal or Courts one by one. Thus, assessees facing such demands were under very difficult situation. The only way was available with them was to say “ ALL IS WELL” as said by the AMIR KHAN in his latest movie “3- IDIOTS”.
SUBMITTED BY: -
CA PRADEEP JAIN
JITESH BHANDARI
MAYANK PALGAUTA
CA PRADEEP JAIN
JITESH BHANDARI
MAYANK PALGAUTA