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TMI Blog2023 (11) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Rule 11(3) of Cenvat Credit Rules, 2004 or otherwise. 2. Shri Sachin Chitnis, Learned Counsel along with Shri Kiran Chavan appearing on behalf of the appellant submits that as per the strict interpretation of Rule 11(3) of Cenvat Credit Rules, 2004 after reversal of credit as required under Rule 11(3)(i) the balance credit shall lapse only in a case where the asssesse avails an exemption which is absolutely in nature under Section 5A. In the present case the Notification No. 30/2004-CE is not absolute exemption but bearing a condition. Therefore, the Rule 11(3)(ii) shall not apply in the present case. Accordingly, the balance Cenvat Credit on availment of Notification No. 30/2004-CE shall not lapse. In support he placed reliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit earned by a manufacturer under the CENVAT Credit Rules, 2002, as they existed prior to the 10th day of September, 2004 or by a provider of output service under the Service Tax Credit Rules, 2002, as they existed prior to the 10th day of September, 2004, and remaining unutilized on that day shall be allowed as CENVAT credit to such manufacturer or provider of output service under these rules, and be allowed to be utilized in accordance with these rules. (2) A manufacturer who opts for exemption from the whole of the duty of excise leviable on goods manufactured by him under a notification 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 opt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovider of output service shall be required to pay an amount equivalent to the CENVAT credit, if any, taken by him in respect of inputs received for providing the said service and is lying in stock or is contained in the taxable service pending to be provided, when he opts for exemption from payment of whole of the service tax leviable on such taxable service under a notification issued under section 93 of the Finance Act, 1994 (32 of 1994) and after deducting the said amount from the balance of CENVAT credit, if any, lying in his credit, the balance, if any, still remaining shall lapse and shall not be allowed to be utilized for payment of duty on any excisable goods, whether cleared for home consumption or for export or for payment of ser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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