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2017 (1) TMI 540 - CESTAT CHANDIGARHReversal of CENVAT credit - credit taken on inputs contained in the finished goods and semi finished goods lying in the stock - the decision of Albert David Ltd. [2002 (11) TMI 144 - CEGAT, COURT NO. III, NEW DELHI] is not applicable in the instant case as the provision for payment of equivalent amount of credit was introduced in CCR, 2004 on 1.3.2007, whereas the period involved in this case is 31.7.2005. Held that: - the issue in the present case is squarely covered by the judgement of the Hon’ble Punjab and Haryana High Court in the case of CCE, Panchkula vs. HMT Ltd.[2010 (4) TMI 1036 - PUNJAB AND HARYANA HIGH COURT], where it was held that the assessee has paid the duty on inputs used in the indicated manufacturing of final goods, the assessee has maintained separate accounts/record, duly entered credit of duty-paid on the inputs in manufacture of final goods and validly availed the Cenvat credit. Therefore, the same cannot be reversed on the ground that the final product (i.e. agricultural Tractors) were subsequently exempted from tax. Appeal allowed - decided in favor of appellant.
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