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2016 (8) TMI 233 - AT - Central ExciseReversal of cenvat credit taken on capital goods, on inputs lying on stock,inputs contained in the goods under process and inputs contained in finished goods lying in stock. - It started clearing goods at 'nil' rate of duty w.e.f. 26.09.2003 availing benefit of Exemption Notification No.50/2003 dated 10.06.2003 - Held that:- There is no provision in the rules which provides for a reversal of the credit by the Excise Authorities except where it has been illegally or irregularly taken, in which event it stands cancelled or, if utilized, has to be paid for – appeal allowed – decided in favor of appellant.
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