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2016 (6) TMI 1089 - CESTAT CHANDIGARH

2016 (6) TMI 1089 - CESTAT CHANDIGARH - 2016 (337) E.L.T. 598 (Tri. - Chan.) - Reversal of cenvat credit - Demand at the rate of 8% of their clearances of their exempted goods during the period from April, 199 to June 2000 - Held that:- As per section 70 of Finance Act, 2010 an option was given to the assessee if they reverse prorata credit availed on inputs. In that circumstance, reversal of credit shall be sufficient and no penalty is imposable on the appellant. In this case also the appellant .....

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(DB) - Final Order 256/2016-CHD - Dated:- 15-12-2015 - Mr. Ashok Jindal, Member (Judicial) and Raju, Member (Technical) Shri Gagan Kohli, Advocate- for the appellant Shri M.R. Sharma, AR for the respondent ORDER The Appellant is in appeal against the impugned order demanded an amount at the rate of 8% of their clearances of their exempted goods during the period from April, 199 to June 2000. 2. The facts of the case are that the appellant manufacture dutiable as well as exempted final products. .....

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mposed. Aggrieved with the said order, the appellant is before us. 3. Learned Counsel for the appellant submitted that after issuance of adjudication order, the appellant has reversed the entire amount of credit availed by them on the inputs used in dutiable/exempted final products. Therefore, the same be treated as sufficient and no demand at the rate of 8% of the exempted final products be raised. He therefore, submitted that the appellant is ready to pay interest on applicable rate during the .....

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