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TMI Blog2019 (10) TMI 957X X X X Extracts X X X X X X X X Extracts X X X X ..... untant for the appellant Shri Anil Choudhary, Deputy Commissioner (AR) for the respondent ORDER PER: C J MATHEW In this appeal of M/s Raymond Ltd, against order-in-original no. 14/CEX/2011 dated 25th May 2011 of Commissioner of Central Excise & Customs, Nashik, the challenge is limited to disallowance of Rs. 5,22,29,835/- that remained in CENVAT credit as balance when they opted out of the spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n off, which was incorporated only from 11th May 2007, and these could not be applied to credit taken prior to 9th July 2004. He placed reliance on the decision of the Tribunal in Raymond Ltd v. Commissioner of Central Excise, Mumbai - III [2011 (273) ELT 582 (Tri.-Mumbai)], that of the Hon'ble High Court of Karnataka in Commissioner of Central Excise, Bangalore - II v. TAFE Ltd [2012 (26) STR 160 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he submits that the appellant had voluntarily opted out of the scheme of payment of excise duty and, thereby, rendered themselves ineligible for retention of any of the accumulated CENVAT credit. According to him, insistence on retention of CENVAT credit appears to be motivated by intent to claim refund which would be contrary to law as well as the conditions in notification 30/2004-CE dated 9th J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of notification no. 30/2004-CE dated 9th July 2004. 5. CENVAT credit is to be utilized for discharge of liability as prescribed in Central Excise Rules, 2002 and Service Tax Rules, 1994. CENVAT Credit Rules, 2004, with which we are concerned here, would, therefore, not be in breach by maintenance of a record which logs entry of burden of duty borne or inputs procured by the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X
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