TMI Blog2011 (8) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... CCR 2004 provides that if the exempted goods are other than those described in condition (a), the manufacturer shall pay an amount equal to ten percent of the total price, excluding sales tax and other taxes if any, paid on such goods, of the exempted final product charged by the manufacturer for the sale of such goods at the time of their clearance from the factory - We do not find substance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Credit Rules 2002/2004 can be fulfilled by mere reversal of credit involved in the inputs contained in the exempted product? Learned counsel for the appellant submits that the respondent Company availed Cenvat Credit on the Vanadium Penta-oxide, which is a catalyst used in the manufacture of sulphuric acid. On a show notice issued, the Company reversed the Cenvat Credit amounting to ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d inputs used in the exempted finished goods, which they reversed and informed the adjudicating authority. The Tribunal however did not accept the contention of the department that the Company did not follow the procedure under Rule 6 (3) (b) in respect of reversal of credit, and relying upon ETA Technology Ltd Vs. CCE, Bangalore [2007 (6) STR 207 (Bangalore Tribunal), and the decision of Supreme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the credit until separate accounts were maintained, for which no finding has been recorded by the Tribunal. Rule 6 (3) (b) of the Cenvat Credit Rules 2004 provides that if the exempted goods are other than those described in condition (a), the manufacturer shall pay an amount equal to ten percent of the total price, excluding sales tax and other taxes if any, paid on such goods, of the exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
