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2015 (10) TMI 2207 - AT - Central ExciseCENVAT Credit - Whether Cenvat Credit lying in their Cenvat Credit account lapse as per Rule 571-1(7) ibid on 01.03.2000 that when their product became exempted under notification no. 7/2000 dated 01.03.2000 or not - Held that:- On plain reading of the said Rule if goods are exempted under notification based on value of clearance in financial year, in that case as per Rule 57H(7) the Cenvat Credit lying in their Cenvat Credit account shall lapse. But in the case in hand, the final product of the appellant became exempted under notification no.07/2000 dated 01.03.2000 wholly and same is not on the basis of the value or quantity of clearance by the appellant. Therefore, we hold that provisions of Rule 57H(7) ibid are not applicable to the facts of the case. Therefore, Cenvat Credit of ₹ 5,67,97,164/- shall not lapse - Consequently, the demand will also no sustain. - Decided in favour of assessee.
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