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2015 (10) TMI 106 - AT - Central ExciseRefund claim of unutilized credit towards export of goods - Sanction of partial claim and denial of input credit involved relates to physical stock of raw material - Rule 5 of CENVAT Credit Rules, 2002 read with Notification No. 11/2002-CX dated 1.3.2002 - Held that:- closing balance of CENVAT credit as on the relevant date includes the input credit on the physical stock of raw material and finished goods lying in stock on the relevant date. After excluding the credit on inputs lying in stock and the input contained in finished goods in stock the adjudicating authority has correctly arrived the balance amount as ₹ 14,09,814/-. Rule 5 of CENVAT Credit Rules stipulates that where exporter can claim refund only when they are not able to use the accumulated credit for payment of domestic clearance. As seen from the above, the input credit is attributable to the goods already exported during the relevant quarter has been correctly worked out to ₹ 14,09,814/-. The amount excluded is the input credit involved in the physical stock of raw materials lying in stock as on 31.3.2002. Therefore, the original authority has correctly sanctioned the refund - Decided against assessee.
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