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TMI Blog2017 (10) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... ebar the appellant from claiming exemption under notification 6/2002. Having realized the said position, the appellants fully reversed the credit amount of 1,01,632/- - the Hon’ble Supreme Court in Chandrapur Magnet Wires Ltd. [1995 (12) TMI 72 - SUPREME COURT OF INDIA] held that reversal of credit even subsequently should be construed as non-availment of such credit. The full reversal of credit b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent case, provide for the condition that no credit of duty paid on inputs has been taken under Rule 3 or Rule 11 of Cenvat Credit Rules, 2002. The appellants availed credit of NCCD leviable on the inputs. The said NCCD was introduced on 01/03/2003 for the inputs now subject matter of dispute. The Revenue proceeded against the appellant on the ground that such availment of credit of NCCD on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he credit. The only prayer of the appellant is that their full reversal of credit should be construed as non-availment of credit and thereby making them eligible for the exemption as claimed, on the final product. Reliance was placed on the decision of Hon'ble Supreme Court in Chandrapur Magnet Wires Ltd. vs. CCE - 1996 (81) E.L.T. 3 (S.C.) and Hon'ble Allahabad High Court in Hello Minerals Water ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequently should be construed as non-availment of such credit. Following the said ratio, we find that the full reversal of credit by the appellant should satisfy the condition of non-availment of credit making them eligible for the exemption, if otherwise eligible on other grounds. Here, we note that the credit of NCCD availed in the month of March 2003 was reversed only on August 2005. Since, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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