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M/s Kashi Vishwanath Steel Ltd. Versus C.C.E., Meerut-II

2016 (8) TMI 233 - CESTAT NEW DELHI

Reversal of cenvat credit taken on capital goods, on inputs lying on stock,inputs contained in the goods under process and inputs contained in finished goods lying in stock. - It started clearing goods at 'nil' rate of duty w.e.f. 26.09.2003 availing benefit of Exemption Notification No.50/2003 dated 10.06.2003 - Held that:- There is no provision in the rules which provides for a reversal of the credit by the Excise Authorities except where it has been illegally or irregularly taken, in which ev .....

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6 in terms of which the appellant s refund claim of ₹ 42,66,887/- was rejected. The facts of the case are as under:- 2. The appellant had taken cenvat credit on capital goods and inputs at the time when its final production had been cleared on payment of duty. It started clearing goods at nil rate of duty w.e.f. 26.09.2003 availing benefit of Exemption Notification No.50/2003 dated 10.06.2003. At the insistence of the Revenue, it reversed the credit of ₹ 8,68,469/- taken on capital .....

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e by the Larger Bench of this Tribunal in the case of HMT vs. Commissioner of Central Excise, Panchkula - 2008 (232) E.L.T. 217 (Tri.-LB). It also cited the judgment in the case of Commissioner of Central Excise, Indore vs. Surya Roshini Ltd. - 2003 (155) ELT 481 (Tri.-Del.) with regard to capital goods. 3. Ld. D.R. fairly conceded that the said judgments are applicable to the present case. 4. We have considered the contentions of the appellant. We find that in the case of HMT vs. Commissioner o .....

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hed Tractors lying in stock as on date of exemption coming into force is not required to be reversed. In para 15 and 16 of the judgment of Hon ble High Court observed as under:- 15. At this juncture, the Tribunal in Ashok Iron and Steel Fabricators case, referred supra as well as the decision of the Bangalore Bench of the Tribunal in the assessees own case have emphasized over and over again on para 17 of the decision of in Dai Ichi Karkaria Ltd. case, referred supra, which has very clearly set .....

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use the credit at any time thereafter when making payment of excise duty on the excisable product. There is no provision in the rules which provides for a reversal of the credit by the Excise Authorities except where it has been illegally or irregularly taken, in which event it stands cancelled or, if utilized, has to be paid for. We are here really concerned with credit that has been validly taken, and its benefit is available to the manufacturer without any limitation in time or otherwise unle .....

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