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TMI Blog2008 (1) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... R, for the Respondent. [Order per : M. Veeraiyan, Member (T)]. Heard both sides on the stay petition. 2.1 The applicant sold their business of manufacture and selling of Allethrin to M/s. Sumitomo Chemicals India Pvt. Ltd, by an agreement dt. 29-7-2005. As a result of such sale, the assets of Allethrin business comprising of building, plant and machinery, furniture, safety equipme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and credit of ₹ 1,11,02,496/- attributable to the capital goods. In addition, he also imposed a penalty of ₹ 5 lakhs on the appellant. He also ordered for recovery of interest. 3.1 Ld. Advocate submits that inasmuch as the capital goods, raw materials were not physically removed from the factory and that the appellant continued to have the possession and that they were to be utiliz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. SDR reiterates the findings of the Commissioner. 5. We have carefully considered the submissions from both the sides. The cenvat scheme envisages avoiding of cascading effect of duty paid on the inputs by granting the credit of duty paid on such inputs usable for paying duty on the finished products. On the same grounds duty paid on the capital goods has also been made available as credit t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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