TMI Blog2014 (4) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be got reversed or denied on the ground that such final product became exempted subsequently - Held that:- At the time of taking of the credit, the goods manufactured by the appellant were dutiable and, therefore, the appellant has rightly taken the credit. However, at the time of clearance of the goods, the goods were exempt and, therefore, the appellant reversed the credit attributable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Excise Customs (Appeals), Aurangabad. 2. Vide the impugned order, the appellate authority has set aside the order of the adjudicating authority dated 11/06/2004 wherein a demand of CENVAT credit amounting to Rs. 13,95,456/- was confirmed under Rule 12 of the CENVAT Credit Rules 2002 read with Section 11A of the Central Excise Act, 1944 along with interest thereon and a penalty of Rs 6 la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing for the respondent, on the other hand, submits that the appellant is a manufacturer of pharmaceutical products and at the time of manufacture, the gods were dutiable. Accordingly, they had taken CENVAT credit of the duty paid on the inputs. Subsequently, w.e.f 01/03/2003 the very same product became exempt from excise duty. Therefore, at the time of clearance of the exempted goods, they revers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions made by both the sides. From the records of the case, it is seen that, at the time of taking of the credit, the goods manufactured by the appellant were dutiable and, therefore, the appellant has rightly taken the credit. However, at the time of clearance of the goods, the goods were exempt and, therefore, the appellant reversed the credit attributable to the inputs contained in the exempte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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