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2014 (10) TMI 644 - AT - Service TaxWaiver of pre deposit - Reversal of CENVAT Credit - CVD taken on import of goods - Held that:- Prior to 1-4-2011, in the absence of any specific procedure or specific provisions of law, the appellants cannot be found fault with for entertaining the belief that they are eligible for the credit. However the appellant has reversed the Cenvat credit attributable to the normal period amounting to ₹ 6,43,007 - table shows the total value of manufactured goods, total value of exempted goods and total value of traded goods and proportion worked out, in our opinion, on a prima facie basis, is correct. The entire tax has been paid for the normal period. Whether the extended period is invocable or not is required to be considered in greater detail in the light of facts and circumstances, case laws, etc. In view of the above, we are of the view that at this stage, the amount deposited by the appellant is sufficient for the purpose of hearing the appeal - requirement of pre-deposit of balance dues is waived and stay against recovery is granted during the pendency of appeal. - Stay granted.
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