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TMI Blog2018 (9) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... ed service and Rule 6(3D)(c) of CENVAT Credit Rules clearly provided for the formula to arrive at the amount that has been reversed. However, for the period prior to 1.4.2011, there was much confusion as to whether trading is an exempted service or can be considered as service at all - In Ruchika Global Interlinks Vs. Commissioner of Central Excise [2017 (6) TMI 635 - MADRAS HIGH COURT], the jurisdictional High Court has held that the trading is to be considered as an exempted service prior to 1.4.2011 also. The appellant is required to reverse the credit as per the formula in Rule 6(3D)(c) of CENVAT Credit Rules, 2004 in respect of trading. However, the said amount has to be quantified - The appellant also contends that they have reversed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rch 2009 April 2009 to March 2011 2. Demand of CENVAT credit 86,05,464/- 1,93,20,468/- Interest under Rule 14 of CENVAT Credit Rules, 2004 r/w Section 75 of the Finance Act, 1994 Not quantified Not quantified Penalty under Rule 15(3) and Rule 15(4) of CENVAT Credit Rules, 2004 Only Rule 15(3) - ₹ 10,000/- and penalty under Section 76 of the Finance Act, 1994 Equal penalty under Rule 15(4) r/w section 78 of the Finance Act, 1994 3. Date of SCN 596/2006 dated 23.10.2009 217/2011 dated 20.11.2011 4. Date of OIO 185/2011 dated 17.6.2011 95/2012 dated 19.3.2012 4. He argued that the appellant has reversed the credit as per the formula contained in Rule 6(3A) for computing the credit that has to be reversed attributable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... service and Rule 6(3D)(c) of CENVAT Credit Rules clearly provided for the formula to arrive at the amount that has been reversed. However, for the period prior to 1.4.2011, there was much confusion as to whether trading is an exempted service or can be considered as service at all. In Ruchika Global Interlinks Vs. Commissioner of Central Excise - 2017-VIL-323-MAD-ST, the jurisdictional High Court has held that the trading is to be considered as an exempted service prior to 1.4.2011 also. After going through the records and hearing the submissions made by both sides, we find that the Tribunal in the case of TFL Quinn India (supra) has adopted the formula that has been laid in CENVAT Credit Rules with effect from 1.4.2011 to be more appropri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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