2018 (2) TMI 382

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..... e inputs lying in stock on the date on which the final product becomes absolutely exempted under a Notification issued under Section 5A of Central Excise Act, 1944. The proceedings can be limited only to the recovery of amount equivalent - The Act or Rules made thereunder have not provided for imposition of any penalty - appeal dismissed - decided against Revenue. - E/70249/2017-EX[SM] - A/70006/ .....

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..... ovided under Rule 11(3)(ii) of Cenvat Credit Rules, 2004 the manufacturer is required to pay an amount equivalent to Cenvat Credit taken by him in respect of inputs lying in stock. The respondent was issued with a show cause notice dated 30.03.2009 calling upon them to show cause as to why Cenvat Credit amounting to ₹ 20,59,814/- should not be demanded and recovered from them under the provi .....

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..... AR. 4. Perused the record, I find that the said provision of Rule 11 of Central Credit Rules, 2004 required the manufacturer to pay an amount equivalent to Cenvat Credit involved in the inputs lying in stock on the date on which the final product becomes absolutely exempted under a Notification issued under Section 5A of Central Excise Act, 1944. The proceedings can be limited only to the reco .....

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