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TMI Blog2016 (8) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... s received on and after the said date, no credit can be taken – decided in favor of assesse. - Excise Appeal No. 1227/2007-EX[DB] - Final Order No. 51281/2016 - Dated:- 9-3-2016 - Shri R. K. Singh, Member (Technical) And Shri S.K. Mohanty, Member (Judicial) Shri B.L. Narsimhan, Advocate for the appellant Shri Govind Dixit, DR for the respondent ORDER Per R. K. Singh Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015 (320) ELT 357 (Mad.) which was maintained by Supreme Court also 2015 (324) ELT A86 (SC). Ld. DR fairly concedes that to be the case. 4. We have perused the judgment of the Madras High Court in the case of Tractor and Farm Equipment (Supra) in paras 15, 16 and 17 of which the High Court observed as under: 15. At this juncture, the Tribunal in Ashok Iron and Steel Fabricators case, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of excise duty on the excisable product. There is no provision in the rules which provides for a reversal of the credit by the Excise Authorities except where it has been illegally or irregularly taken, in which even it stands cancelled or, if utilized, has to be paid for. We are here really concerned with credit that has been validly taken, and its benefit is available to the manufacturer wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the very day, it makes it abundantly clear that there need not be co-relation between the input and the goods cleared and as a result, validly taken credit need to be reversed. The Central Excise Rules would come into play in the following manner, that is to say, on the date when the final goods become exempt from payment of duty, for the inputs received on and after the said date, no credit c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and the same has been upheld by the Supreme Court and that would be binding on the Tribunal, rather than the Two-Member Bench decision in Albert David Ltd., case, referred supra. 5. As is evident, the above High Court Judgment squarely covers the issue in favour of the assessee like the appellant. Accordingly, we set aside the impugned order and allow the appeal. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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