9911796707
TMI Blog2018 (8) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... se are that the appellants were registered themselves with the Central Excise Department upto 31.03.2012. The appellants were paying duty on their finished goods and availing cenvat credit on inputs. On 01.04.2012, the appellants opted for SSI exemption under Notification No. 8/2003-CE dated 01.03.2003 on the ground that their turnover is below the threshold limit for availing the said exemption under the Notification No. 8/2003-CE dated 01.03.2003.. The Revenue is of the view that on the date of opting exemption under Notification No. 8/2003-CE dated 01.03.2003, the appellants are required to pay an amount of cenvat credit in cash on inputs, semi-finished goods and finished goods lying in stock on the date of opting the exemption in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y an amount equivalent to cenvat credit in respect of inputs received for use in manufacture of final product or semi-finished goods or in process. Therefore, the impugned order is to be affirmed. 5. Heard the parties and considered the submissions. 6. On careful consideration of the submissions made by both the sides, the provisions of Rule 11(3) of Cenvat Credit Rules, 2004 is reproduced below:- "11(3) A manufacturer of producer of a final product shall be required to pay an amount equivalent to the Cenvat credit, if any, taken by him in respect of inputs received for use in the manufacture of the said final product and is lying in stock or in process or is contained in the final product lying in stock, if, (i) he opts for exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional provision. It does not stipulated that if there is no amount of cenvat credit in cenvat credit account in that case assessee is required to pay an amount equivalent to the cenvat credit lying in stock of inputs, semi finished goods and finished goods lying in stock on the date of opting for exemption in cash. Therefore, as there is no balance in cenvat credit account, in that circumstances, the appellant are not required to pay cenvat credit in cash for inputs, semi finished goods and finished goods lying in stock as on 01.04.2012. The same view has been expressed by this Tribunal in the case of Sundeep Electrodes Pvt. Ltd. (supra), wherein this Tribunal observed as under: "6. Having considered the rival contentions, I find that Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of duty paid on inputs cannot be confined to a particular raw material to which the credit is related and out of which a final product is manufactured. Therefore, it has been rightly held that the assessee-respondent were not required to reverse the Cenvat credit of Rs. 88,731/- The judgment of the Hon'ble Supreme Court in Dai Ichi Karkaria case has been correctly applied. There is thus no merit in these appeals which are accordingly dismissed". 9. At this stage, ld. AR for the Revenue submits that the decision in the case of Sundeep Electrodes Pvt. Ltd. (supra) pertains to the period prior to 2007 when Rule 11(3) of the Cenvat Credit Rules, 2004 were in force. Therefore, the decision is not applicable in the present case. 10. I find th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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