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TMI Blog2015 (10) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... edit Rules stipulates that where exporter can claim refund only when they are not able to use the accumulated credit for payment of domestic clearance. As seen from the above, the input credit is attributable to the goods already exported during the relevant quarter has been correctly worked out to ₹ 14,09,814/-. The amount excluded is the input credit involved in the physical stock of raw materials lying in stock as on 31.3.2002. Therefore, the original authority has correctly sanctioned the refund - Decided against assessee. - E/343/2003 - Final Order No. 40766 / 2015 - Dated:- 6-7-2015 - Shri R. Periasami and Shri P. K. Choudhary, JJ. For The Appellant : Shri S. Muthuvenkataraman, Advocate For The Respondent : Shri B. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015 dated 21.1.2015 in an identical matter on the appellant s own case rejected the refund claim and dismissed the appeal. 4. We have heard both sides and perused the records. The adjudicating authority has sanctioned refund under Rule 5 after taking into account the unutilized credit pertaining to the inputs used on the finished goods which are already exported. Para 12 of the order-in-original is reproduced below:- 12. From the above, it is acceptable that the assessee was not in a position to utilize the credit involved in the inputs contained in goods exported during the quarter, but not to the extent as claimed by the assessee. So, it is evident that the refund is to be restricted as detailed below:- 1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find that closing balance of CENVAT credit as on the relevant date includes the input credit on the physical stock of raw material and finished goods lying in stock on the relevant date. After excluding the credit on inputs lying in stock and the input contained in finished goods in stock the adjudicating authority has correctly arrived the balance amount as ₹ 14,09,814/-. Rule 5 of CENVAT Credit Rules stipulates that where exporter can claim refund only when they are not able to use the accumulated credit for payment of domestic clearance. As seen from the above, the input credit is attributable to the goods already exported during the relevant quarter has been correctly worked out to ₹ 14,09,814/-. The amount excluded is the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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