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2009 (12) TMI 125 - HC - Central ExciseCenvat Credit- Notification No. 50/2003-CE, dated 10.6.2003- The assessee was engaged in the manufacture of S.S. Ingots/flats. It was taking cenvat credit of excise duty paid on inputs used in the manufacture of final product. On 11.4.2005, the assessee opted for the benefit of the exemption Notification No. 50/2003-CE, dated 10.6.2003 and, thereafter, the final product was exempted from excise duty. In view of this the revenue sought to reverse the benefit of Cenvat Credit taken on raw material/inputs. On appeal, the first appellate authority held that the Cenvat credit taken by the assessee was not required to be reversed. He accordingly upheld the assessee’s claim. The Tribunal upheld the order of first appellate authority order. In the light of the decision of CCE v. Dai Karkaria Ltd. 1999 (7) SCC 448, held that- even though the final product of the assessee might be exempted from payment of excise duty, the assessee could not be asked to reverse the cenvat credit already taken by it. Thus the appeal of the revenue is liable to be dismissed.
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