TMI Blog2011 (1) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... cts; however, they did not maintain separate accounts of common input services used in the manufacture of both categories of products - For the period prior to 1.4.08, the assessees are covered by provisions of retrospectively amended Section 73 (1) of the Finance Act, 2010 which provides that pending reversal of credit may be made as per the formula prescribed under Rule 6 (3A) along with interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Notification No.4/06 dt. 1.3.06 viz. intravenous fluids falling under Sl.No.58 etc. and formulations/life saving drugs falling under Sl.No.59 of the Table thereto. They availed of CENVAT credit in respect of duty paid on inputs, capital goods and input service in terms of CENVAT Credit Rules, 2004. They maintained separate accounts in respect of common inputs used both for dutiable and ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of exempted goods cleared for the period from 2005-06 to 2007-08 (upto Feb 08) valued at Rs.22,68,47,342/- (as per relevant rule) and the duty liability worked out to Rs.2,26,84,734/-, show-cause notices were issued raising duty demands, invoking extended period of limitation on the ground of suppression; demand of Rs.2,52,84,488/- was confirmed together with interest and equal amount of pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3A) along with interest @ 24% per annum. The assessees have already reversed the credit on input service attributable to the value of exempted goods on the basis of percentage of the value of exempted goods and deriving the same percentage of CENVAT credit availed together with interest (the credit reversed has been verified and interest of Rs.3,25,655/- was directed to be paid as per Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X
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