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2017 (1) TMI 1185 - AT - Central ExciseReversal of the cenvat credit at the time of opting for availing the exemption N/N. 50/2003-CE dated 10.6.2003 - credit of inputs contained in inputs, work in process and finished goods - Whether the assessee was required to reverse the credit on inputs contained the input, work in process and finished goods lying in stock on the date of opting for exemption under N/N. 50/03-CE or not? - Held that: - similar issue decided in the case of Gokaldas Intimate Wear [2011 (4) TMI 1123 - KARNATAKA HIGH COURT], where it was held that till 1-3-2007, the assessee was entitled to benefit, of the cenvat credit in respect of inputs contained in the work in progress and semi finished products - at the time opting area based exemption of N/N. 50/2003-CE dated 10.6.2003, the appellants are not required to reverse the credit in their cenvat credit account lying unutilized. Cash refund - denial on the ground that amount to be refunded by way of re-credit to their Cenvat Credit Account - The assessee is in appeal on the ground that as they are not able to utilize the Cenvat Credit Account, therefore, the refund is to be given in cash whereas the Revenue is in appeal on the ground that the Commissioner (Appeals) erred in holding that the assessee is entitled for refund claim - Whether the assessee is entitled for cash refund or to be credited in Cenvat Credit Account? - Held that: - identical issue came up before the Hon’ble Uttarakhand High Court in the case of APCO Pharma Ltd. [2011 (10) TMI 38 - UTTARAKHAND HIGH COURT], where it was held that in a situation where the assessee is not in a position to utilize the Cenvat Credit Account, the refund claim is to be given in cash. Therefore, we hold that the assessee is entitled for refund claim of the amount paid by the assessee on account of reversal of credit in cash. Appeal dismissed - decided against Revenue.
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