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2009 (3) TMI 272 - AT - Central ExciseArea based exemption – cenvat on capital goods – appellants availing exemption under Notification No. 39/2001-C.E. – this notification prescribes exemption by way of refund to duty paid in excess of what paid by utilizing credit - Even though appellants had taken Cenvat credit up to December 2004, in January 2005 they had reversed full amount of Cenvat credit and opted to claim depreciation under Section 32 of Income-tax Act, 1961. At the time when clearances started from the appellants unit, there was no Cenvat credit available in their account and as pointed out by the learned counsel there was nothing wrong in the unit taking a decision to claim depreciation in stead of Cenvat credit and reversing the same before they started clearance of goods from their factory. In fact the credit was taken as well as reversed in the same financial year. Under these circumstances we find that the refunds have been sanctioned correctly to the appellants
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