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2014 (11) TMI 390 - AT - Central ExciseCENVAT Credit - whether appellant can take suo moto credit of the Cenvat Credit once reversed and also whether Cenvat Credit with respect to services of Initial Public Offer (IPO) is admissible to the appellant - Held that:- order passed by the Hon’ble High Court of Madras in the case of M/s. ICMC Corporation Ltd., Chennai Vs. CCE, Chennai [2014 (1) TMI 1473 - MADRAS HIGH COURT] that in the case of wrongly debited Cenvat Credit suo moto credit can be taken and there is no need to file the refund claim under Section 11B of the Central Excise Act, 1944. A similar view was earlier taken by the Jurisdictional High Court of Gujarat in the case of M/s. Shyam Textile Mills & Anr. Vs. UOI [2004 (6) TMI 590 - GUJARAT HIGH COURT]. On merits also a stay on the same issue was given by the Bangalore Cestat in the case of M/s. Kernex Micro Systems (I) Ltd. Vs. CCE, Hyderabad (2012 (9) TMI 376 - CESTAT, BANGALORE). Prima facie, appellant has made out a good case for waiver of the confirmed demand and penalties - Stay granted.
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