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TMI Blog2024 (10) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... s on 28.02.2015 stands lapsed. The said credit is available with the Appellant for utilization of the same for payment of due Central Excise duty as the the rates of Central Excise duty were made inclusive of the leviable Education cess and Secondary and Higher Education cess. The Notification No.12/2015-CE(NT) has been issued amending the Cenvat Credit Rules as to implement the above proposed amendment in the rate of duty as per the Hon ble Finance Minister s Speech - the notification number 12/2015-CE (NT) is totally silent on the issue of accumulated credit of the education cess and higher education cess available with the Appellants as on 01.03.2015, It do not provide that this credit shall lapse, or cannot be used for payment of the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant and Shri Sandeep Pandey, learned Authorized Representative appearing for the Respondent-Revenue. 6. Arguing for the Appellant learned Counsel submits that:- 3rd, 4th 5th provisos of Notification No.12/2015-CE(NT) dated 30.04.2015. It is clear by the 3rd proviso in the said Notification that the utilization of credit by the Appellant for payment of duty cannot be faulted with. In support of this contention, he referred to some decisions, which are reproduced below:- ○ Reserve Bank of India Vs Peerless Co.- (1987) 1 SCC 424. ○ Central Bank of India Vs Ravindra Ors reported in JT 2001 (9) SC 101 . These proviso s should be interpreted in a manner which allows utilization of Cenvat credit on Education Cess and Secondary and H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the financial year 2014-15 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act: Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on input services received by the manufacturer of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act. 9. The above notification amended the Rule 3 (7) (b) of Cenvat Credit Rules. By insertion and following provisos, the notification does not provide that Cenvat credit of Education- cess/ Secondary and Higher Education-cess available with the Appellants as on 28.02.2015 stands lapsed. The said credit is avail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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