2010 (12) TMI 318

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of CENVAT Credit Rules, 2002 - appellants had originally availed the MODVAT Credit - appellant have subsequently reversed the credit - appellant having reversed the major part of the credit and having offered to reverse the balance credit, entitled to benefit of Notification No.30/94
Mrs. Archana Wadhwa, Mr. B.S.V. Murthy, JJ. Shri H.D. Dave, Adv. for the Assessee; Shri R.S. Srova, JDR for t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ired to be decided in the present appeal is that whether subsequent reversal of credit in respect of clearances effected in terms of Notification No.30/2004-CE would satisfy the condition of notification or not. 3. The adjudicating authority, in his impugned order, has accepted the fact that the appellant have subsequently reversed the credit of Rs.14,37,294/- (the reversal being less by an amou .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... edit was availed, thus satisfying the condition of Notification. However, Commissioner has observed that in the above judgment such reversal of credit was made before clearance of the goods. Inasmuch as in the present case, such reversal is subsequent to the clearance of the goods, the same cannot be accepted. 5. We find that the issue before Hon'ble Supreme Court in the case of M/s Chandrapur M .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n'ble High Court of Gujarat has also approved the Tribunal s decision in the case of M/s Maize Products as reported in 2009 (234) ELT 431. M/s Maize Products offered to reverse the CENVAT Credit at the appeal stage before Tribunal and such offer to reverse was accepted by the Tribunal. The Hon'ble High Court of Gujarat approved the above course adopted by the Tribunal. 6. Similarly, we find that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... everse the balance credit, would be entitled to benefit of Notification No.30/94, in the light of the law declared in the above decision. It may be mentioned here that as per the appellant such credit was lying in their books of account and was not utilized, in which case, no interest or penalty can be upheld against them. 7. In view of the above, the impugned order is set aside and appeal allowe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X