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2015 (12) TMI 1349 - AT - Central ExciseDenial of CENVAT Credit - Credit availed on MS wire rods and various chemicals - Held that:- After the judgment of the Apex Court in the case of Technoweld Industries - [2003 (3) TMI 123 - SUPREME COURT OF INDIA], the mere drawl of wire from wire rods does not amount to manufacture. Accordingly, CENVAT Credit availed during the period wherein the activity undertaken by the appellant will not get covered as the activity get manufactured, CENVAT Credit was correctly sought to be reversed. - Revenue is incorrect inasmuch as during the relevant period the issue was adjudicated before the various forums. Legislature has passed the Taxation Laws (amendment) Rules, 2005 wherein retrospective amendment was introduced to settle this kind of situation. - Board has specifically stated that the amendment has regularized the credit taken at the input stage (wire rods) and the credit taken by the downstream user who draws the wire. In our view as per the Board’s Circular, the demands raised on the appellant herein is incorrect and the impugned order needs to be set aside - Decided in favour of assessee.
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