TMI Blog2013 (11) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions during the said period – there was no merit in imposing penalty on the Assessee – Thus, imposition of penalty of Rupees two lakhs under Rule 15 (1) of the Cenvat Credit Rules, 2004, set aside – Decided in favour of Assessee. - Appeal No.282/11 - ORDER NO.FO/A/71038/2013 - Dated:- 30-8-2013 - DR. D. M. MISRA, J. For the Appellant : Shri K. K. Acharya, Advocate For the Respondent: Shri S. Chakraborty, Asstt. Commr. (A.R.) JUDGEMENT Per Dr. D. M. Misra : This appeal is filed against the Order-in-Original No. CCE/BBSR II/4-5/Commissioner/2011 dated 28.01.2011 passed by Commr. of Central Excise Customs, BBSR II. 2. Briefly stated the facts of the case are that the Appellants are engaged in the manufacture o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h interest, but imposed a penalty of Rs.2.00 lakhs under Rule 15 (1) of the Cenvat Credit Rules, 2004. Aggrieved by the said order to the extent of imposition of penalty, the Appellants are in appeal. 3. The ld. Advocate, Shri K. K. Acharya, appearing for the Appellant, has submitted that by virture of Section 72 73 of the Finance Act, 2010, Rule 6 of the Cenvat Credit Rules, 2002/2004, had been amended retrospectively and an assessee has been given an opportunity to reverse proportionate cenvat credit availed on the inputs that had gone into the manufacture of finished exempted products. Consequently, the Appellant had calculated the cenvat credit proportionately and reversed the same along with interest by following the procedure laid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty, which were not consumed within the factory of production, but sold out factory. I find that by virture of Section 72/73 of Finance Act, 2010, the assessees were given an opportunity to reverse proportionate cenvat credit availed on inputs that had gone into the manufacture of exempted product for the period from September, 2004 to March, 2005. I find that a procedure has been laid down for reversing the said proportionate credit and the said amendment was given retrospective effect starting from 10th September, 2004 and ending of 31st March, 2008. It is not in dispute that the present period falls within the laid down period as mentioned in the said Finance Act, 2010. An explanation has been placed in the said retrospective amendment de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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