TMI Blog2012 (7) TMI 821X X X X Extracts X X X X X X X X Extracts X X X X ..... inputs being written off the books of accounts. Only cases of writing off the full value of the inputs on which CENVAT credit had been availed called for reversal of the credit. The present one is not such a case. It is also pertinent to note that the Department has no case that the amendment dt. 01/03/2011 has retrospective effect - Decided in favour of assessee. - Appeal No.E/2428/2010 - Final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inputs was fully written off. In this connect, it is further submitted that the requirement of reversal of CENVAT credit on inputs in cases of partial writing off of value was brought into effect only on 01/03/2011 and, therefore, prior to that date, there was no such requirement. The provisions cited by the learned consultant are reproduced below:- Prior to 01/03/2011 3(5B) If the value of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited provisions, it has to be held that, prior to 01/03/2011, a manufacturer of final product who availed CENVAT credit on inputs was not required to reverse any part of that credit on the ground of a part of the value of the inputs being written off the books of accounts. Only cases of writing off the full value of the inputs on which CENVAT credit had been availed called for reversal of the cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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