2012 (11) TMI 636

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..... There is a delay of 56 days in filing the appeal. Appellant submits that this delay happened as their company was taken over by M/s. Steel Authority of India Ltd. and there has been some delay in office consequent to such changeover of the management and that the delay was not due to negligence. Considering the explanation given, the delay is condoned and the COD application is thus allowed. 2 .....

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..... 10 is applicable for this period also and, therefore, reversal of credit attributable to the inputs used in the manufacture of the exempted products is sufficient discharge of their liability. It is their contention that even before the retrospective amendment, during the relevant period, the rule in force authorized such reversal of credit and they have done such reversal as per their own method. .....

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..... sed needs to be examined. 5. Considered the arguments from both sides. After the amendment of Rule 6 of CENVAT credit Rules, 2004 by Finance Act, 2010, in view of the provisions section 73 of Finance Act, 2010, when an assessee gave a calculation of credit attributable to the inputs used in the manufacture of exempted products, the only option available to Revenue was to either accept the calcula .....

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