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2019 (11) TMI 119 - AT - Central ExciseReversal of CENVAT credit - Written off partial value of inputs - Circular No. 645/36/2005-CX dated 16.07.2002 - Sub-Rule 5(B) in Rule 3 of Cenvat Credit Rules - HELD THAT:- The inputs on which value was written off was lying in the factory as the Revenue has not proved contrary that either the goods are not available or the same was disposed of or otherwise. Therefore, even though the inputs got obsolete but, since, the same is lying in factory, cenvat credit cannot be denied - the amended provision of sub-Rule 5(B) of Rule 3 of Cevat Credit Rules whereby it is provide that in case of partial written off value of the inputs the reversal of cenvat credit is required, however this provision came into effect from 01.03.2011 , therefore, prior to this date there was no statutory provision for reversal of credit in case partial value of the inputs is written off, therefore, during the period in question there was not statutory provision in reversal of cenvat credit in case of the value of the inputs is written off. Appeal allowed - decided in favor of appellant.
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