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2022 (2) TMI 895 - AT - Central ExciseBenefit of SSI Exemption Notification no.08-03-CE dated 1.3.2003 - allegation is that the appellant has taken Cenvat credit before crossing limit of ₹ 150 lacs - HELD THAT:- There is no worksheet filed by the authorities while issuing show cause notice and there is no such allegation that the appellant has reversed less credit. Moreover, from the balance sheets and ER-3 returns, it is very much clear that at the end of financial year, the credit lying in cenvat account is having a nil balance. Same is evident from the ER-3 returns for the next financial year showing opening balance of Cenvat credit at nil. In that circumstance, the allegations made by the ld.AR during the course of argument, are not acceptable at this stage. The said calculation arrived by the ld.AR during arguments are based on record provided by the appellant during investigation but the show cause notice has not discussed any such discrepancy. Therefore, the argument of the ld.AR is only presumptive which is not required to be considered. The benefit of Notification No. 08/2003-CE dated 01.03.2003, the appellant has to fulfil the two conditions:- (a) the appellant has taken Cenvat credit on inputs lying in work in progress after crossing the exemption limit of ₹ 150 lacs and (b) the appellant has reversed the credit lying in their Cenvat credit account on closing of the financial year which is evident from the balance sheet as well as ER-3 returns. which has been fulfilled by the appellant. The appellant is entitled to avail SSI exemption under Notification No. 08/2003-CE dated 01.03.2003 for the period 2013-14 to 30.6.2017 - Appeal allowed - decided in favor of appellant.
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