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TMI Blog2008 (5) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... onger in existence so balance of 50% credit is not admissible, is acceptable – Amendment to rule 4(2) and circular no. 747/53/2003 &755/71 /2003 which allows such credit cannot be relied upon as these were not applicable during the disputed time - E/3494-3495/2004 - A/435-436/2008-WZB/C-III/SMB - Dated:- 16-5-2008 - Ms. Jyoti Balasundaram, Vice-President Shri M.S. Jagesha, Advocate, for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial years, while such possession and use was a requirement as per Rule 4(2)(a) (b) of the Cenvat Credit Rules. The demands were confirmed together with interest and penalty was also imposed upon the assessees. The adjudication orders were upheld by the Commissioner (Appeals); hence these appeals before the Tribunal. 2. I have heard both sides. 3. I find that Circular No. 747/53/2003-C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule was amended only in September 2003, the amendment and the circulars consequent thereto, are not applicable in the present case for the reason that the credit was taken prior to the amendment and the demands by disallowing credit were also confirmed prior to the amendment. In this view of the matter, I agree with the learned DR that credit is not admissible to the appellants and accordingly uph ..... X X X X Extracts X X X X X X X X Extracts X X X X
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