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2011 (4) TMI 1123 - HC - Central ExcisePenalty - Cenvat credit – reversal - order passed by the Tribunal which held that the assessee is not liable to reverse the cenvat credit in respect of the inputs which were purchased prior to 1-8-2004, the day from which an exemption was granted, from payment of excise duty in respect of final products, notification came to be issued on 9-4-2004 granting exemption in respect of the final products and consequently, from 1-8-2004, the day from which the notification came into force, the assessee was not entitled to cenvat credit. However, as on 1-8-2004, the assessee held inputs and semi-finished goods in stock. The revenue proceeded against the assessee invoking the proviso of Section 11A and proposed demand for irregularly availed cenvat credit and interest thereon. Penalty was also proposed - Held that:- till 1-3-2007, the assessee was entitled to benefit, of the cenvat credit in respect of inputs contained in the work in progress and semi finished products. The said amendment is prospective in nature, the period is anterior to 1-3-2007, which has no application, decision in favour of the assessee and against the revenue.
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