9911796707
TMI Blog2024 (10) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... trading activities which have been declared as exempted service under Notification 13/2011-CE (NT) dated 31.03.2011. It is found that firstly, the trading activity became exempted only w.e.f 01.04.2011, the contention of the revenue that it has a retrospective effect is absolutely illegal as per the settled law by the Apex court in the various judgments that wherever, any clarification is against the assessee the same will have prospective effect and cannot have retrospective effect. Secondly, merely by declaring a trading activity as exempted service under a deeming fiction, the same cannot have retrospective effect. Prior to the amendment of Notification No. 13/2011-CE (NT) whereby, the trading activity was made deemed exempted service, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation in Cenvat Credit Rules. He submits that prior to 01.04.2011the trading activity was not exempted service. Therefore, provision of reversal of Cenvat Credit under Rule 6 (3) is not applicable for the said period. He further submits that the demand is clearly time barred as concept of exempted service in respect of trading activity was brought only w.e.f. 01.04.2011,whereas the period involved in the present case is 01.04.2007 to 31.03.2011 and the show cause notice was issued on 14.02.2014. Hence, the entire period is time barred. He further submits that the periodical audits have been conducted that is for the period September, 2006 to June, 2007 in the year 2007-2008, for the period July, 2007 to September, 2008 during 2008-2009 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only w.e.f 01.04.2011, the contention of the revenue that it has a retrospective effect is absolutely illegal as per the settled law by the Apex court in the various judgments that wherever, any clarification is against the assessee the same will have prospective effect and cannot have retrospective effect. Secondly, merely by declaring a trading activity as exempted service under a deeming fiction, the same cannot have retrospective effect. Prior to the amendment of Notification No. 13/2011-CE (NT) whereby, the trading activity was made deemed exempted service, there was no clarity even with the department and therefore, the amendment was brought. Further, the appellant s records have been audited regularly during the relevant period and d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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