TMI Blog2012 (6) TMI 750X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the CBEC vide circular dated 29.05.03 has withdrawn the said circular which would leave the period after 29.05.03 in the category of the drawing of wire would not amount to manufacture. We find that by retrospective amendment this was rectified holding that wire drawing units during the period 29.5.03 to 08.7.04 (both days inclusive) it has cleared the final products i.e. drawn wire on payment of duty, at appropriate rate, then the amount paid on such goods shall be allowed as cenvat credit to the recipient of the said drawn wire. The corollary of this retrospective amendment would be that the appellant herein if has discharged the duty liability, then he is eligible to avail the cenvat credit during the material period - Following deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicating authority is now holding that the goods manufactured during the relevant period by the appellant is not a manufactured product and hence appellant is not eligible to avail the modvat/cenvat credit on merits. It is his submission that during the relevant period Boards circular dated 16.02.01 was in force which held that the drawing of wire from wire rods would amount to manufacture. It is his submission that subsequently on 27.3.03, the Hon ble Supreme Court in the case of Technoweld Industries has held that process of drawing wire from wire rods will not amount to manufacture. It is his submission that after the judgment of the Apex Court, Board has vide Circular dated 29.5.03 withdrawn the earlier circular which indicated drawi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that the CBEC vide circular dated 29.05.03 has withdrawn the said circular which would leave the period after 29.05.03 in the category of the drawing of wire would not amount to manufacture. We find that by retrospective amendment this was rectified holding that wire drawing units during the period 29.5.03 to 08.7.04 (both days inclusive) it has cleared the final products i.e. drawn wire on payment of duty, at appropriate rate, then the amount paid on such goods shall be allowed as cenvat credit to the recipient of the said drawn wire. The corollary of this retrospective amendment would be that the appellant herein if has discharged the duty liability, then he is eligible to avail the cenvat credit during the material period. 7. Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
