9911796707
TMI Blog2008 (1) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... sue involved in this case is as to whether the credit is required to be reversed in respect of inputs contained in the finished goods lying in stock on the date of the respondent's opting for exemption. 2. The learned DR on behalf of the revenue submits that the Commissioner (Appeals) allowed the appeal following the decision of Larger Bench of the Tribunal in the case of CCE Rajkot v. Ashok Iron ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal product and is lying in stock or in process or as contained in final product lying in stock, if he opts for exemption from whole of duty of excise leviable thereon. He submits that prior to insertion of Rule (3) of Rule 11 of the said Rules demand is not sustainable. He also submits that Larger Bench of the Tribunal in the case of Ashok Iron & Steel Fabricators reported in 2002 (140) E.L.T. 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock or process or a final product lying in stock, if the manufacturer opts for exemption, was inserted by sub-rule (3) of Rule 11 of Cenvat Credit Rules, 2004 by Notification No. 10/2007-C.E. (N.T.) dated 1-3-2007. The learned DR submits that the issue has already been decided by the Division Bench of the Tribunal in the case of Tractors & Farm Equipments Ltd. (supra) in favour of Revenue. He su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 of Cenvat Credit Rules, 2002 the assessee is required to pay the amount equivalent to the cenvat Credit on the inputs used in the manufacture of final product, if he opts for exemption. It is seen that the decision of the Tribunal in the case of Tractor & Farm Equipment (supra) is prior to insertion of sub-rule (3) of Rule 11 of Rules. In view of the above, I do not find any reason to interfere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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