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TMI Blog2017 (10) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... r: Anil Choudhary The issue in this appeal by Revenue is, whether under the admitted fact that after making purchases of inputs, the respondent-assessee will be benefitted to full credit after issue of credit notes/debit notes, resulting in reduction of the transaction value only and whether such reduction in transaction value alters the tax liability and or duty liability automatically under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) as well as for rebate/discount et cetera on the value of inputs received by them and they were not reversing the proportionate Cenvat credit. Accordingly it was noticed that for the period 01/04/2002 to 31/03/2006, the respondent-assessee had received an additional amount of Rs. 2,55,63,175/- on account of such credit notes and it was observed that the respondent-assessee have not reversed the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed with penalty. This Tribunal allowed the appeal and set aside the impugned order holding that 'the settled law on the point is that Modvat/Cenvat credit of duty paid by the input manufacturer/supplier, evidenced by the relevant invoices, is admissible to the manufacturer of the final product. The said view was also reaffirmed in the decision of the Tribunal being 2007 (217) E.L.T. 148, 2006 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e refund procedures under Section 11B of the Central Excise Act, 1944 are applicable. It is further urged that Commissioner (Appeals) have erred in not considering the fact that in the instant case the transaction value has been altered on account of allowing discounts through credit notes to the respondent, hence the duty was required to be levied on the altered price and the excess Cenvat credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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