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2015 (10) TMI 106 - CESTAT CHENNAI

2015 (10) TMI 106 - CESTAT CHENNAI - TMI - Refund claim of unutilized credit towards export of goods - Sanction of partial claim and denial of input credit involved relates to physical stock of raw material - Rule 5 of CENVAT Credit Rules, 2002 read with Notification No. 11/2002-CX dated 1.3.2002 - Held that:- closing balance of CENVAT credit as on the relevant date includes the input credit on the physical stock of raw material and finished goods lying in stock on the relevant date. After exclu .....

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to ₹ 14,09,814/-. The amount excluded is the input credit involved in the physical stock of raw materials lying in stock as on 31.3.2002. Therefore, the original authority has correctly sanctioned the refund - Decided against assessee. - E/343/2003 - Final Order No. 40766 / 2015 - Dated:- 6-7-2015 - Shri R. Periasami and Shri P. K. Choudhary, JJ. For The Appellant : Shri S. Muthuvenkataraman, Advocate For The Respondent : Shri B. Balamurugan, AC (AR) Per R. Periasami The appellant has file .....

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ommissioner (Appeals) upheld the impugned order. 2. The learned counsel for the appellant submits that they are entitled for entire refund as they are the exporters and the credit has accumulated on account of inputs used in the finished goods which are exported. Therefore, they are eligible for refund under Rule 5 of CENVAT Credit Rules, 2002 read with Notification No. 11/2002-CX dated 1.3.2002. There is no provision to deduct input credit on the inputs lying in stock. He relied on the followin .....

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refund claim and dismissed the appeal. 4. We have heard both sides and perused the records. The adjudicating authority has sanctioned refund under Rule 5 after taking into account the unutilized credit pertaining to the inputs used on the finished goods which are already exported. Para 12 of the order-in-original is reproduced below:- 12. From the above, it is acceptable that the assessee was not in a position to utilize the credit involved in the inputs contained in goods exported during the qu .....

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hority has verified the credit available as on 31.3.2000, the end of the quarter, to which the export goods relates. The verification shows that as on 31.3.2000, the balance amount of credit available was ₹ 63,09,555/-. As on 31.3.2000, the amount of credit of input physically lying in stock was ₹ 48,99,741/-. As per the rules, this credit of inputs lying in stock cannot be refunded. What was available for refund was the difference between the balance of credit and the credit of inpu .....

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