P-AND-OR-A box closed

By Vijay Kumar

PANDORA was a mythical Greek woman had possession of a box that she was not supposed to open. Her curiosity got the better of her and one day she opened it and out came all the miseries like hate, anger, sickness, poverty, and every bad thing in the world. She slammed the lid down but by that time, all the evils had flown off. There was one item left in the box and it requested Pandora to let it also out. Pandora obliged and this last one was HOPE and it is because of hope that we are all able to live in spite of all the evils floating around.

As per Rule 14 of the CENVAT Credit Rules, “Where the CENVAT credit has been taken or utilized wrongly or has been erroneously refunded, the same along with interest shall be recovered from the manufacturer or the provider of the output service and the provisions of sections 11A and 11AB of the Excise Act or sections 73 and 75 of the Finance Act, shall apply mutatis mutandis for effecting such recoveries”.

This had created quite a controversy and in this budget, taken or utilized wrongly has been amended as taken and utilized wrongly”

My friend, Jai Kumar calls it P-AND-OR-Abox closed.