9911796707
TMI Blog2004 (3) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant who was withdrawn w.e.f. 1-4-2000 is entitled to take the Cenvat credit in respect of inputs lying in stock as on 31-3-2000 at the deemed credit rate of 12% of the invoice value in terms of the Notification 29/2000-C.E. (N.T.) or the actual duty paid on the inputs. 2. The lower authorities has allowed the credit of the duty at the rate actually paid on inputs lying in stock. On the ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad veloram basis. The lower authorities have extended the benefit of the credit on the inputs lying in stock on the said date in terms of the Board's Circular No. 522/18/2000, dated 31-3-2000 issued under F.No. B. 4/5/2000-TRU which stipulated that the credit may be allowed in respect of the stock of inputs which are lying with the re-rolling mills and induction furnace units as on 1-4-2000 but th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urer of the said inputs has not declared the invoice price of such inputs correctly in the documents. As such, the presence of the invoice is necessary in terms of the said Notification. If the intention was to give the credit of duty as reflected in the said invoice, then there was no need to lay down the deemed credit rate of 12% of the price, as declared in the invoice. If the Revenue's content ..... X X X X Extracts X X X X X X X X Extracts X X X X
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