9911796707
TMI Blog2013 (11) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... Act - the applicant reversed the credit on the goods cleared as such - In terms of Rule 3(5) of CENVAT Credit Rules, 2004, and the applicant may clear the goods as such after reversing the credit - Rule 3(5) provides that when the inputs or capital goods on which CENVAT credit has been taken, are reversed as such from the factory, the manufacturer shall pay on amount equal to the credit availed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med manufacture under Section 2(f) of the Central Excise Act. The Commissioner observed that the applicant received the finished clutch assemblies from their Unit No. 1 and availed the credit and cleared from their premises as such and therefore there is a denial of credit of Rs.11,54,59,277/- along with interest and penalty. 2. The learned counsel submits that they received the finished clutche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he credit on the finished goods without doing any process. He relied upon the decision of the Hon ble Kerala High Court in the case of Commissioner of Central Excise Vs. Apollo Tyres 2010 (259) ELT 194 (Ker.). He also submits that they utilized the CENVAT credit on the outsourced goods manufactured by them of Rs.90,85,559/-. 4. After hearing both sides and on perusal of the records, we find that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of duty along with interest and penalty. Accordingly, predeposit of duty along with interest and penalty are waived and recovery thereof stayed during the pendency of the appeal. Stay application is allowed. 5. The early hearing application filed by the applicant for early hearing of the appeal is allowed and fix the appeal for hearing on 13.8.2013 as the duty involved is more than Rs.11 crores ..... X X X X Extracts X X X X X X X X Extracts X X X X
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