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2008 (11) TMI 207 - AT - Central ExciseCenvat Credit – Removal of capital goods after put to use – reversal of cenvat credit – Held that - the manufacturers (respondent) are not disputing the fact that the words “as such” would include used capital goods also and therefore credit is required to be reversed on clearance of such used capital goods. The only dispute is regarding the quantum of credit required to be reversed - The law during the relevant time was very clear as under Rule 3(5) of the Cenvat Credit Rules, 2004, the respondents were required to pay an amount equivalent to the credit availed in respect of capital goods cleared as such - respondents were required to reverse the entire credit – penalty not to be imposed.
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