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TMI Blog2016 (8) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... ent ORDER Per R. K. Singh Appeal has been filed against the order-in-original dated 5/4/2007 in terms of which CENVAT Credit demand of Rs. 1,53,38,727/- was confirmed along with interest and penalties on the ground that the appellant had not reversed the CENVAT Credit attributable to the stock of raw material, inputs contained in the work-in-progress and contained in the final product in stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eel Fabricators case, referred supra as well as the decision of the Bangalore Bench of the Tribunal in the assessee s 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 out the position as to how the credit taken on inputs, should be utilized. To sum up paragraph 17 of the Dai Ichi Krkaria Ltd. case r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the manufacturer without any limitation in time or otherwise unless the manufacturer itself chooses not to use the raw material in its excisable product. The credit, is therefore, indefeasible. It should also be noted that there is no correlation of the raw material and the final product: that is to say, it is not as if credit can be taken only on a final product that is manufactured out of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, no credit can be taken. This would be the correct method of understanding of the position of law. 17. The introduction of Rule 11 (3) of the CENVAT Credit Rules, 2004, by Notification No. 10/2007-C.E. (N.T.) dated 1-3-2007 and the Tax Research Unit Circular in D.O.F No. 334/1/2007-TRU, dated 28.02.2007 clarifying that it will come into effect immediately, makes it clear that the position of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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