TMI Blog2010 (6) TMI 757X X X X Extracts X X X X X X X X Extracts X X X X ..... EME COURT OF INDIA] continues to apply despite the introduction of Cenvat Credit Rules. 2002? Held that: - it is manifest on the face of the order that the Tribunal has considered all the relevant material on record and has afforded reasonable opportunity and by placing reliance on the notification and also the judgment of the Apex Court in the case of Chandrapur Magnet Wires Pvt. Ltd., vs. CCE, Nagpur [1996 (81) ELT 3 (SC)] and applying the ratio of the said case to the facts in hand, has reversed the order passed by the assessing authority and held that assessee is not liable to pay 8% of the price of the exempted goods and consequently, allowed the appeal - there is no error in the Tribunal's order. The period of effect of amendmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued vide Circular No.654/45/2002-CX dated 19.8.2002 and holding that the assessee had reversed the credit at the time of removal of goods and they are not required to pay 8% of the price of the exempted goods? 2. The respondent is the manufacturer of friction welding machines. During the course of audit of the records of the assessee, the Internal auditors pointed out that the assessee had cleared one number of friction welding machine valued at ₹ 34,00,000/- to M/s. Indian Institute of Technology, Chennai, without payment of duty by availing the benefit of the Notification No.10/97 dated 1/3/1997. Since the assessee had not maintained separate accounts of inputs as per Rule 6(2) of Cenvat Credit Rules, 2002, they were liable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ising the aforesaid questions of law. 3. We have heard the learned counsel appearing for the appellants/revenue and the learned counsel appearing for the respondent/assessee. 4. After careful perusal of the order impugned passed by the Tribunal it is manifest on the face of the order that the Tribunal has considered all the relevant material on record and has afforded reasonable opportunity and by placing reliance on the notification and also the judgment of the Apex Court in the case of Chandrapur Magnet Wires Pvt. Ltd., vs. CCE, Nagpur [1996 (81) ELT 3 (SC)] and applying the ratio of the said case to the facts in hand, has reversed the order passed by the assessing authority and held that assessee is not liable to pay 8% of the pric ..... X X X X Extracts X X X X X X X X Extracts X X X X
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