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2016 (8) TMI 984 - AT - Central ExciseSSI exemption Notification No. 8/2003-CE dated 01.03.2003 - eligibility for benefit - appellant failed to reverse the amount as required under Rule 11(2) - Held that:- the condition precedent of the Notification No. 8/2003-CE dated 01.03.2003 read with transitional provision under the Cenvat Credit Rules, 2004 for opting for the notification at the beginning of the financial year, is that the cenvat credit attributable to the inputs, WIP as well as finished products as on 31st March of the previous year will have to be expunged and the balance cenvat credit available should be allowed to lapse. The duty demands have arisen since the appellant have not done so. Having paid the appropriate amounts on this scores subsequently, we have no hesitation to conclude that the appellant will be eligible for the benefit of notification during the disputed period. Consequently, the proposal for denying the benefit of notification and consequent demands will need to be set aside. - Decided in favour of assessee
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