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2018 (9) TMI 1125 - AT - Central ExciseQuantum of Cenvat credit admissible in respect of central excise duty paid by an 100% EOU claiming benefit of Sr. No. 2 of N/N. 23/2003-CE dated 31.03.2003 - Held that:- Clause (a) of Sub- Rule 7 of Rule 3 of Cenvat Credit Rules, 2004 wherein there is a specific provision that if the Central Excise Duty is paid in terms of Sr. No. 2 of the Notification No. 23/2003-CE dated 31.03.2003 then the admissible Cenvat credit is 50% of [X multiplies by {(1+BCD/100) multiplied by (CVD/100)}], where BCD and CVD denote ad valorem rates, in per cent, of basic customs duty and additional duty of customs leviable on the inputs and X denotes the assessable value. The authorities at lower level by resorting to said provision have correctly arrived at the conclusion that out of Cenvat credit of ₹ 1,21,28,954/- Cenvat credit of ₹ 69,85,771/- was not admissible to the appellants and also credit of ₹ 7,73,909/- was not admissible to the appellants - appeal dismissed - decided against appellant.
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