TMI Blog2015 (7) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... Modvat credit availed by them - Held that: - the input credit legally taken and utilized on the dutiable final products need not be reversed on the final product becoming exempt subsequently with effect from 1-3-2005 - credit allowed - penalty set aside - appeal allowed - decided in favor of assessee. - E/642 & 1052/2007 - Final Order Nos. A/11400-11401/2015-WZB/AHD - Dated:- 14-7-2015 - Shri P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g in their stock of inputs as on 1-3-2005. Proceedings initiated by issuing show cause notices, the appellants were directed to reverse the credit on the inputs lying in the stock as on 1-3-2005. The Adjudicating authority confirmed the demand of Cenvat credit along with interest and imposed penalty. The Commissioner (Appeals) upheld the order. 3. After hearing both the sides and on perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld by the Hon ble P H High Court and also approved by the Uttarakhand Hon ble High Court in the case of CCE, Meerut v. APCO Pharma Ltd. [2015 (319) E.L.T. 641 (Uttarakhand)]. 4. The Authorised Representative on behalf of the Revenue, submits that the Larger Bench decision was distinguished by the Tribunal in the case of M/s. Ranbaxy Laboratories Ltd. We find that the said decision was set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate that the Notification No. 10/2007-C.E. (N.T.), dated 1-3-2007 inserted sub-rule (3) to Rule 11 of Rules, 2004, is a specific provision for reversal of credit because such issue was not in the referral order. 24. The reference having thus been answered, the records may be placed before the Regular Bench for final disposal of the appeals. 5. In view of the decision of Larger Bench of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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