Once Cenvat credit is debited, it is as good as not taking credit at all

Linkwell Telesystems Pvt Ltd. Vs Commissioner of Central Tax (CESTAT Hyderabad) The first question to be answered in this case is if some credit has been taken and thereafter reversed as has been done by the Appellant in this case with respect to part of the credit, does it amount to not taking a credit at all or is the Appellant still liable for wrong availment of credit? Hon’ble Supreme Court in the case of Chandrapur Magnet Wires (P) Ltd. versus Collector of Central Excise, Nagpur (1996 (81) E.L.T. 3 (S.C.)) held that once credit is debited, it is as good as not taking credit at all. FUL...