2013 (10) TMI 688

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... engaged in the manufacture of chemical fertilizer. They are also providing taxable output service namely consulting engineering service, erection, commissioning & installation service, maintenance & repair service, business auxiliary service etc. They availed CENVAT credit on the input service on sale of equity shares of the joint venture companies like M/s. Technip India Ltd. and M/s. Indo-Jordan .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tilized by them and are still lying in the CENVAT account. 4. On the other hand, the learned AR submits that the sale of equity share cannot be related with any of the output service. He also pointed out that their manufacturing final product was exempted from excise duty during the material period. He further submits that the Commissioner in the impugned order has observed that the final product .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ty. Prima facie, we are not impressed with the submission made by the learned counsel that the sale of equity shares has nexus with the output service. We have also considered the financial hardship as revealed from the balance sheet. 6. In view of the above, we direct the applicant to predeposit Rs.50,00,000/- (Rupees fifty lakhs only) within a period of six weeks and report compliance on 26.9.2 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X