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TMI Blog2015 (10) TMI 1545X X X X Extracts X X X X X X X X Extracts X X X X ..... same was in use as same were consumed or become waste after use and said waste have been cleared from the factory. Under these set of undisputed facts in term of Rule 4(2)(b) the balance of 50% credit is not admissible to the appellant - balance 50% Credit can be taken only in case where such capital goods is in possession of the assessee and also in use. In the present case since at the time of taking remaining 50% credit, moulds were not available with the appellant Cenvat credit of remaining 50% was correctly disallowed. This position has been made clear in the judgments of Silver Ispat (P) Ltd. [2008 (5) TMI 104 - CESTAT MUMBAI] and Sri Krishna Alloys (2006 (1) TMI 411 - CESTAT, CHENNAI) as cited by Ld. A.R. In view of this settled leg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow cause notice bearing F.NO. V(72)15-14/Adj/Nsk-IV/03 dated 24/8/2003 was issued and culminated into adjudication order wherein demand of Cenvat credit amounting ₹ 1,57,008/- was confirmed and penalty of ₹ 20,000/- was imposed under Rule 13 of Cenvat Credit Rules, 2002 and interest under Rule 12 of Cenvat Credit Rules, 2002 read with Section 11AB of Central Excise Act, 1944 was also ordered to be recovered. 2. When the matter was called for, none appeared on behalf of the appellant and no request for adjournment has been made by the appellant therefore I am taking up the matter to dispose on merit. 3. Shri. Sanjay Hasija, Ld. Superintendent (A.R.) appearing on behalf of the Revenue reiterates the findings of the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant nor the same was in use as same were consumed or become waste after use and said waste have been cleared from the factory. Under these set of undisputed facts in term of Rule 4(2)(b) the balance of 50% credit is not admissible to the appellant for ease of reference Rule 4(2)(b) is reproduced below:- 4. Conditions for allowing CENVAT credit. - (1) The CENVAT credit in respect of inputs may be taken immediately on receipt of the inputs in the factory of the manufacturer (2) (a) --------- (b) The balance of CENVAT credit may be taken in any financial year subsequent to the financial year in which the capital goods were received in the factory of the manufacturer, if the capital goods, other than components, spares and accessori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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