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TMI Blog2017 (3) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... Per Dr. D.M. Misra This appeal is filed against OIA No.SA/171/VAPI/2011, dt.04.11.2011, passed by Commissioner (Appeals), C.Ex. & S.Tax, Vapi. 2. Briefly stated the facts of the case are that the Appellants are engaged in the manufacture of Chemicals falling under Chapter 29 of Central Excise Tariff Act, 1985. The Appellants had availed CENVAT Credit of Rs. 25,59,795/- on various inputs during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CENVAT Credit only prohibits availment of depreciation as well as credit on the capital goods presribed under Rule 4(4) of CENVAT Credit Rules 2004. Further, it is the contention that even though the credit was availed in the month of October to December 2004 and ER1 was filed in the month of January 2005, however, the demand was issued on 07.4.2010, the demand is beyond five years and cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n being 10.01.2005, for the credit availed in Dec.2004 therefore, the demand is barred by limitation. 6. Heard both sides and perused the records. The limited issue needs to be determined is: whether the Appellants are required to reverse CENVAT Credit availed on the inputs, the value of which is shown as Revenue expenditure in the balance sheet. To be eligible to CENVAT Credit on inputs, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as income tax benefit on the inputs could be a critera for determination of income tax liability, however, the CENVAT Credit in absence of any stipulation under CENVAT Credit Rules 2004, cannot be denied to the Appellant. Besides, the demand has been issued beyond five years from the relevant date as prescribed under Section 11A of CEA,1944. 8. In the result, the impugned order is set aside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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