2011 (1) TMI 234

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..... Balasundaram The assessees herein, who are manufacturers of pharma products falling under Chapter 30 of the First Schedule to the Central Excise Act, 1985, manufacture both dutiable goods as well as exempted goods in terms of Notification No.4/06 dt. 1.3.06 viz. intravenous fluids falling under Sl.No.58 etc. and formulations/life saving drugs falling under Sl.No.59 of the Table thereto. They ava .....

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..... service used in the manufacture of dutiable goods. Since the assessees had neither maintained separate accounts in respect of input service used for dutiable or exempted products nor paid an amount equal to 10% of the value of exempted goods cleared for the period from 2005-06 to 2007-08 (upto Feb 08) valued at Rs.22,68,47,342/- (as per relevant rule) and the duty liability worked out to Rs.2,26, .....

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..... r to 1.4.08, the assessees are covered by provisions of retrospectively amended Section 73 (1) of the Finance Act, 2010 which provides that pending reversal of credit may be made as per the formula prescribed under Rule 6 (3A) along with interest @ 24% per annum. The assessees have already reversed the credit on input service attributable to the value of exempted goods on the basis of percentage o .....

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