TMI Blog2009 (12) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... erted into one made under QBAL. There is no bar on availment of credit under N/N. 204/92 governing holders of the QBAL. In the case of Chandrapur Magnet Wires (P) Ltd. v. CCE [1995 (12) TMI 72 - SUPREME COURT OF INDIA], reversal of credit taken on inputs and exemption being claimed in the finished product under a notification has been approved by the Apex Court holding that claim for exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the condition that export obligation is achieved within the licensing period by exporting the goods manufactured in India in respect of which no input stage credit is obtained under Rule 56A or Rule 57A of the Central Excise Rules, 1944. However, respondents had availed input stage credit of Rs. 1,38,783/- and as this was contrary to the requirement of the notification, the assessees reversed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the exports made under the VBAL was converted into one made under QBAL. There is no bar on availment of credit under Notification No. 204/92 governing holders of the QBAL. Further, in the case of Chandrapur Magnet Wires (P) Ltd. v. CCE [1996 (81) E.L.T. 3 (S.C.)], reversal of credit taken on inputs and exemption being claimed in the finished product under a notification has been approved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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