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2015 (4) TMI 697 - SC - Central ExciseDenial of CENVAT Credit - SSI Exemption - delayed reversal of cenvat credit - in respect of inputs lying in stock or used in any finished excisable goods lying in stock on the date when option to avail exemption of duty was exercised - appellant had not debited the balance, when it had started availing the exemption from payment of duty but had done subsequently i.e. 03.10.2000 - Held that:- Commissioner took the view that merely because the earlier credit of ₹ 86 ,222 /- was debited on 03.10.2000 would not deny the benefit of the exemption Notification to the appellant which was otherwise available. - After discussing Rule 57 AG (2) and interpreting the same, the Commissioner took the view that the said Rule would not come as a handicap in the way of the appellant in claiming the benefit of the said Notification inasmuch as it nowhere provides that the MODVAT credit balance which was there with the appellant had to be debited before exercising the option to avail the exemption under the Notification. - interpretation given by the Commissioner on the facts of the present case is completely valid and correct. Contrary view which is taken by the CESTAT is unsustainable. - Decided in favour of assessee.
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