2006 (12) TMI 344 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Chennai allowed Cenvat credit of over Rs. 52.00 lakhs and waived penalty and demand of Education Cess of over Rs. 1.00 lakh. The Tribunal noted that Customs Notification No. 96/2004 allowed the credit, as clarified by Circular No. 59/2004-Cus. The Ministry confirmed that no amendment to the Cenvat Credit Rules was needed for such credits. The appellants were entitled to the credit under the new Foreign Trade Policy after October 2004. Waiver of pre-deposit and stay of recovery were granted for the amounts in question.