TMI Blog2011 (4) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... ods in stock. The revenue proceeded against the assessee invoking the proviso of Section 11A and proposed demand for irregularly availed cenvat credit and interest thereon. Penalty was also proposed - Held that:- till 1-3-2007, the assessee was entitled to benefit, of the cenvat credit in respect of inputs contained in the work in progress and semi finished products. The said amendment is prospective in nature, the period is anterior to 1-3-2007, which has no application, decision in favour of the assessee and against the revenue. - C.E.A. No. 109 of 2009, - - - Dated:- 11-4-2011 - N. Kumar and Ravi Malimath, JJ. Shri B. Pramod, Advocate, for the Appellant. Shri K.S. Ravishankar, Advocate, for the Respondent. [Judgment per : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to consider the following substantial questions of law : (i) Whether the CESTAT is correct in holding that once the input credit is taken legally, then the same cannot be denied after the issue of exemption notification on the final product? (ii) Is not the assessee who has taken credit on the input lying in the stock and those contained in semi-finished and finished goods required to be reversed when final product is exempted? (iii) Whether the CESTAT was justified in passing the impugned order without discussing the facts of the case alleged to be covered and its application to the case on hand? 4. This Court in the case of the Commissioner Central Excise v. M/s. TAFE Limited (Tractor Division) disposed off on 1st Marc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... final product and is lying in stock or in process or is contained in the final product lying in stock, if, - (i) he opts for exemption from whole of the duty of excise leviable on the said final product manufactured or produced by him under a notification issued under section 5A of the Act; or (ii) the said final product has been exempted absolutely under section 5A of the Act, and after deducting the said amount from the balance of CENVAT credit, if any, lying in his credit, the balance, if any, still remaining shall lapse and shall not be allowed to be utilized for payment of duty on any other final product whether cleared for home consumption or for export, or for payment of service tax on any output service, whether provid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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