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TMI Blog2011 (1) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... favour of the assessee by the judgment of the Hon'ble High Court of Punjab and Haryana in the case of Ind Swift Laboratories Ltd. Vs. UOI - [2009 -TMI - 34688 - PUNJAB & HARYANA HIGH COURT ]- However, the above relief would be admissible subject to verification of the claim of the appellants that the impugned amount remained as an entry in their cenvat account and was not utilized - Decided in favour of assessee. - E/Stay/130/2010 in E/236/2010 - - - Dated:- 24-1-2011 - SHRI M. V. RAVINDRAN, HON'BLE MEMBER (JUDICIAL) SHRI P. KARTHIKEYAN, HON'BLE MEMBER (TECHNICAL) Shri V. J. Sankaram, Advocate for the appellant. Shri D. P. Nagendra Kumar, JCDR for the revenue. Per Shri P. Karthikeyan (Oral) After ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first issue relating to availment of credit on common inputs relatable to exempted final products, we find that vide Finance Act, 2010, the Government has prescribed a procedure for granting admissible credit in such cases. We note that this Bench has decided similar dispute vide our order in the case of Standard International Precision Engineers P. Ltd. Vs. CCE, Bangalore-II reported as 2010 (258) ELT 456 (Tri.-Bang.). We find that the relevant provisions are contained in the Eighth Schedule to Section 73 of the Finance Act, 2010. The said Eighth Schedule is reproduced below. Sl. No. Provisions of CENVAT Credit Rules, 2004 to be amended Amendment Period of effect of amendment (1) (2) (3) (4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been cleared from the factory. . 10th day of September, 2004 to the 31st day of March, 2008 (both days inclusive). In terms of this provision, the liability of the appellant shall stand completely discharged once the appellant has repaid or reversed the credit relatable to inputs used in the exempted final products along with applicable interest. We remand the dispute to the Adjudicating Authority for regularizing the payment in terms of these provisions of the Finance Act, 2010 reproduced hereinabove. 4. As regards the demand of interest payable on Rs.1,64,34,699/- found to have been taken as credit of Service Tax paid on input services exclusively used in the manufacture of exempted products paid by the appellant an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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