Recently, Chennai Tribunal in case of Central Bank of India vs Commissioner of Central Excise & Service Tax, Coimbatore [2012] 26taxmann.com 274 (Chennai – CESTAT) has denied the contention of lower authorities to deny benefit of CENVAT Credit because assessee has failed to avail CENVAT Credit within one year. In this case appellants took CENVAT Credit in the year 2009 for the period from October 2004 to March 2009. Decision of Honorable Tribunal denying the contention of lower authorities is based upon following observation:-

“………….nowhere in the Central Excise Act as well as in the CENVAT Credit Rules not prescribed any period in which credit has to be taken. Although it is mentioned in the Cenvat Credit Rules that assessee can take the credit immediately, but there is no prescribed time limit neither in the Cenvat Credit Rules nor in the Central Excise Act…………..,”