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2014 (7) TMI 653 - AT - Central ExciseExemption notification No. 50/2003 dated 10.6.03 - Reversal of CENVAT Credit - Subsequent refund claim of the credit so reversed under protest - Commissioner allowed refund claim - Held that:- even though the final product may be exempt from payment of excise, the assessee cannot be asked to reverse the Modvat credit already taken by it - as per the law, as it stood during the relevant time, the appellant was neither required to reverse the credit, nor could he utilize the same. The unutilized credit could remain unutilized in their books of account - Following decision of CCE, Chandigarh vs. Saboo Alloys Pvt. Ltd. reported as [2009 (12) TMI 125 - HIGH COURT OF HIMACHAL PRADESH]. Eligibility of the appellant for refund of the amount already reversed by them - Held that:- appellant are indeed entitled to the refund of the said amount of ₹ 9,29,288/-, if otherwise in order. Further, this amount otherwise refundable, is to be refunded only by way of recredit to their Cenvat account as it pertained to the duty paid on the inputs lying in stock or in process or contained in final products lying in stock with the appellant as on 28.11.2003. This amount cannot be refunded to the appellant in cash - Decided against Revenue.
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