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2012 (10) TMI 693 - CESTAT, NEW DELHIReversal of the cenvat credit on inputs – manufacture of paper and paper board - Prior to April, 2009, the appellant was clearing their final products i.e. papers on payment of full rate of duty, after availing the benefit of Modvat credit of duty, paid on the inputs and capital goods - w.e.f. 1-4-2009, they opted for a Notification No. 4/2006 – Held that:- On opting for exemption, in terms of a notification issued under Section 5A of the fact as an assessee is under a legal obligation to pay an amount equivalent to the Cenvat credit availed in respect of the inputs, if such inputs are lying in stock as on the date of opting for exemption - against assesee - directed to make pre deposit.
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