TMI Blog2017 (3) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... unt? - Held that: - Rule 11 (2) of CCR, 2004, requires reversal of only unutilized amount of credit lying, if any on the date of opting for SSI Exemption Scheme. The Rule provides for calculation of such amount of Cenvat credit in respect of inputs lying in stock on the date when such option is exercised and after deducting the said amount, the balance, if any, lying in his credit still shall laps ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urer of Welding electrodes and Iron Scrap and was availing Cenvat Credit facility. While scrutiny of return for April, 2006 it was observed that the appellant has not reversed Cenvat credit amounting to ₹ 2,42,217/- BED ₹ 4,846/- Education Cess totaling relating to inputs lying in stock and goods in process are on 1 st April, 2006, the date from which they started paying nil rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication based on the value or quantity of clearances in a financial year, and who has been taking CENVAT credit on inputs or input services before such option is exercised shall be required to pay an amount equivalent to the CENVAT credit, if any, allowed to him in respect of inputs lying in stock or in process or contained in final products lying in stock, on the date when such option is exercise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al contentions, I find that Rule 11 (2) of Cenvat Credit Rules, 2004, requires reversal of only unutilized amount of credit lying, if any on the date of opting for SSI Exemption Scheme. The Rule provides for calculation of such amount of Cenvat credit in respect of inputs lying in stock on the date when such option is exercised and after deducting the said amount, the balance, if any, lying in his ..... X X X X Extracts X X X X X X X X Extracts X X X X
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