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TMI Blog2019 (5) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... nput services or credit of CENVAT on capital goods. Therefore, the appellant is not required to reverse service tax credit availed by them on that day. There is no legal basis for the department to ask the appellant to reverse the CENVAT credit of input services - appeal allowed - decided in favor of appellant. - Appeal No. E/2063/2010 - A/30402/2019 - Dated:- 20-2-2019 - Mr. M.V. Ravindran, Member (Judicial) And Mr. P. Venkata Subba Rao, Member (Technical) None for the Appellant. Shri B. Guna Ranjan, Superintendent/AR for the Respondent. ORDER Per: P.V. Subba Rao. 1. This appeal is filed against Order-in-Appeal No. 145/2010 (V-I) CE dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contained in final products lying in stock on the date when such option is exercised and after deducting the said amount from the balance, if any, lying in his credit, the balance, if any, still remaining shall lapse and shall not be allowed to be utilized for payment of duty on any excisable goods, whether cleared for home consumption or for export. 3. It is undisputed that the appellant has availed benefit of CENVAT credit under CENVAT Credit Rules, 2004. It is also undisputed that the appellant has opted for the exemption notification based on value of clearances during the financial year. During the financial year 2008-09 (w.e.f. 01.04.2008), the assessee had closing balance as ₹ 38,67,470/- in their CENVAT accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry. He also confirmed demand of ₹ 9,14,248/- relating to balance of input service credit available on 01.4.2008 and confirmed interest on the aforesaid two amounts. He further imposed a penalty of ₹ 1,25,000/- under Rule 15(1) of CCR, 2004 and penalty of ₹ 2,000/- under Rule 15(3) of CCR, 2004. 5. Aggrieved, the appellant appealed to the first appellate authority who, upheld the Order-in-Original and rejected the appeal. Hence, this appeal on the following grounds: (a) As per Rule 11(2) of CCR, 2004 the appellant is liable to reverse CENVAT credit in respect of the inputs lying in stock or in process or contained in final products lying in stock on that date when the option of SSI exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X
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