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2009 (12) TMI 770 - AT - Central ExciseReversal of CENVAT credit - availment of Value Based Advance Licence (VBAL) Scheme - fulfillment of export obligation - input stage credit not to be taken u/r 56A or Rule 57A of the CER 1944 - Held that:- Each of the exports made under the VBAL was converted into one made under QBAL. There is no bar on availment of credit under N/N. 204/92 governing holders of the QBAL. In the case of Chandrapur Magnet Wires (P) Ltd. v. CCE [1995 (12) TMI 72 - SUPREME COURT OF INDIA], reversal of credit taken on inputs and exemption being claimed in the finished product under a notification has been approved by the Apex Court holding that claim for exemption cannot be denied on the ground that the assessees had taken credit on duty paid inputs used in the manufacture of the goods in the event of reversal of the credit taken. Appeal dismissed - decided against Revenue.
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