TMI Blog2015 (1) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... e CENVAT Credit to the tune of 50% of duty paid in the first year as per Rule 4(b) of Cenvat Credit Rules, 2004. Therefore, for the first year availement of CENVAT Credit is restricted to 50% of the duty paid but the appellant is entitled to take the remaining 50% CENVAT Credit in the subsequent year. In the circumstance, at the most, interest for the intervening period was required to be demanded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Credit on Steatite Ceramic falling under CTH 6804. 2. Brief facts of the case are that the appellant is manufacturers of enamel, paints, thinner and varnish. They procured Steatite Ceramic, used in the manufacture of paints, and took CENVAT Credit of duty paid on these goods. Revenue was of the view that as the Steatite Ceramic falls under CTH 6804 therefore the goods are capital goods an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g period was required to be demanded from the appellant. The adjudicating authority has directed the appellant to reverse the excess 50% of CENVAT Credit for the first year along with the interest and also imposed penalty which were not required. In these circumstances, I dispose of the appeal of the appellant by confirming the demand of interest for the intervening period and setting aside the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
