9911796707
TMI Blog2003 (12) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... respondents, in the light of the amended rule, cannot seek for reversal of stock of LDO as on 28-2-2003 in terms of Annexure-A. Same is impermissible in law. In this connection, it is pertinent to refer to a direct judgment of the Supreme Court available to the petitioner on identical facts. In the case of Samtel India Limited v. Commissioner of Central Excise, Jaipur,[ 2003 (3) TMI 121 - SUPREME COURT] , the Supreme Court was considering the refund claim with regard to credit of duty in respect of inputs lying or contained in finished products lying in stock on the first day of March, 1977. The dictum of the Supreme Court is equally applicable to the facts of this case. The amended rule cannot be applied to the stock lying on 28-2-2003. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued a circular in terms of Annexure-B. Thereafter, respondent No. 2 by his letter dated 23-4-2003 directed the petitioner to reverse Cenvat credit of Rs. 3,41,965.00/- in terms of the Board's Circular. Petitioner reversed the said credit under protest. Petitioner with these facts is before me seeking for various prayers. 3.Respondents have entered appearance. Second respondent has filed a statement of objections. They justify their stand in the matter. According to them, the oil lying in stock as on 28-2-2003 required to be reversed in terms of the Notification dated 1-3-2003. 4.Smt. Rukmini Menon, learned Counsel appearing for the Petitioner argues before me that a vested right is being withdrawn in terms of the impugned circular by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation-1, for the words "the high speed diesel oil", the words "the light diesel oil, high speed oil" were substituted. Amended Rule has come into force on 1-3-2003. Respondents thereafter have chosen to issue a Circular in terms of Annexure-B. In Annexure-B it is stated that, if any Cenvat credit had been availed, in terms of Rule 3 of the aforesaid Rules on LDO, lying in stock on 28-2-2003, same is required to be reversed by the assessee. This is challenged in the case on hand. 6.Petitioner admittedly has cleared his goods by availing the benefits in terms of the unamended rule which excluded LDO. Amended rule including LDO has come into force on 1-3-2003. LDO lying in stock as on 28-2-2003 has already been cleared in terms of unamended R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt, with these facts notices with regard to vested right in these matters. Supreme Court ruled that right to credit became absolute when input was used in the manufacture of final product. Supreme Court notices that : "It is held that the incident following thereto must take place in accordance with the Scheme under which the duty had been paid on the manufactured product. It is held that if such a situation is sought to be altered necessarily it follows that right which accrued to a party gets affected. It is held that the Scheme sought to be introduced cannot be made applicable to the goods which had already come into existence in respect of which the earlier Scheme was applicable and under which the assessee had availed of the credit f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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