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2016 (12) TMI 649 - CESTAT MUMBAIWhether the appellant should reverse the CENVAT Credit contained in the stock lying in factory on 9.7.2004 i.e. from the date appellant opted for exemption under Notification No. 30/2004 dated 9.7.2004 or otherwise? - Held that: - the appellant had availed CENVAT Credit on the inputs but reversed the attributable CENVAT Credit on the inputs of the finished goods when they were cleared without payment of duty under Notification No. 30/2004. There is no dispute that the appellant is eligible to avail benefit of Notification No. 30/2004. The only dispute is that the said notification has a condition which mandates for non availment of CENVAT Credit of the inputs by the assessee it he opts for such exemption notification. Since appellant has reversed the CENVAT Credit on the inputs attributable to the finished goods cleared by him availing he benefit of Notification No. 30/2004, I find that the exemptions cannot be denied. I find that the CENVAT Credit reversed need not be immediate, as correctly pointed out by the learned Counsel that the issue is now squarely settled by the judgment of the Tribunal in the case of Omkar Textile Mills [2013 (10) TMI 1298 - CESTAT AHMEDABAD]. Appeal allowed - decided in favor of appellant.
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