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TMI Blog2005 (9) TMI 525X X X X Extracts X X X X X X X X Extracts X X X X ..... des. 2. M/s. Indian Petrochemical Industries Ltd., Vadodara, are the holder of Central Excise Registration No. AAACI4415QXM001 for manufacture excisable goods falling under Chapter Nos. 27, 28, 29, 31, 38, 39, 40, 55 68 of the First Schedule to Central Excise Act, 1985. They were also availing the facilities of Modvat/Cenvat credit facility. 3. The facility of Cenvat credit in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee was having the stock of the input LDO on 28-2-2003 weighing 100.693 valued at Rs. 14,07,680.08 (at the rate of 13,979.02 per KL) involving the Cenvat credit of Rs. 2,25,229/- thereon, for which the assessee become ineligible to utilize the credit from 1-3-2003. Therefore, in view of the provisions of the Rule 12 of the Cenvat Credit Rules, 2002, read with the provisions of Section 11A of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the decision of the Karnataka High Court in the case of M/s. Grasim Industries Ltd. v. C.B.E C. N.D. [2004 (163) E.L.T. 10 (Kar.)]. Aggrieved by the same, the Department is in appeal. 7. The case on hand is squarely covered by the Karnataka High Court judgment, which is cited supra and later confirmed by the Supreme Court reported in 2004 (170) E.L.T. 306 (S.C.). There appears to be no logi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was issued clarifying this position that even on remaining stock also, Cenvat credit is not eligible. But this Circular was deliberated before the Karnataka High Court, who set aside the same and this view is upheld by the Supreme Court. Therefore, I find no merits in the appeal filed by the Revenue, accordingly the same is rejected. (Pronounced in Court) - - TaxTMI - TMITax - Central Excis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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