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2013 (4) TMI 184 - HC - Central ExciseThe main dispute in this case is whether Tribunal was correct in allowing transfer of deemed credit to Cenvat Credit account once the notification was rescinded, in absence of any transitional provisions. - Appellant had lodged refund of the accumulated deemed credit which was rejected on the ground that the credit of specified duty can only be allowed in respect of inputs used in the final products cleared for export under Bond whereas in the respondent's case the goods had been cleared under Annexure-I for the manufacture of export goods and also that the goods had been cleared at nil rate of duty the claimant would not be entitled to the credit due to the embargo of the provisions of Rule 6 of Cenvat Credit Rules, 2001. Held that - a right, which is acquired as a result of a statutory provision, cannot be taken away retrospectively unless the statutory provision so provides or by necessary implication it has the same effect. Following the decision in Omkar Textile Mills Pvt. Ltd. [2008 (9) TMI 860 - GUJARAT HIGH COURT] decided in favor of assessee.
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