9911796707
TMI Blog2005 (3) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... position to utilise the accumulated credit. The Notification issued under Rule 5 does not say that if a manufacturer exporter fails to make an application for refund of accumulated credit at the end of the quarter he would not be entitled for refund of credit which accrued to him in the previous quarter. Thus, we are unable to agree with the ld. Commissioner that the previous balance of credit should be deducted from the accumulated credit during the quarter for which refund application is made. We also do not agree with the finding that capital goods credit should be deducted while arriving at the correct amount of refund. The order of the Commissioner is set aside and remanded to him for a fresh consideration. X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner and the appellant filed an appeal before the Commissioner. 4. The Commissioner while dealing with the appeal before him held that the appellant was entitled to a refund of accumulated credit of Rs. 14,20,796/- and not to Rs. 92,50,000/- as applied for. His findings are based on the following observations : (a) Closing balance as on 30-6-2002 of Cenvat credit in respect of inputs with the appellant was Rs. 59,28,123/-; (b) Cenvat credit earned during the quarter July 2002 to September 2002 was Rs. 1,87,67,113/-; (c) Cenvat credit utilised during the quarter (July 2002 to September 2002) was Rs. 1,73,46,317/-; (d) Closing balance of credit as on 30-9-2003 was Rs. 73,48,916/-; (e) Opening balance of credit of Rs. 59,28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilise the accumulated credit. The Notification issued under Rule 5 does not say that if a manufacturer exporter fails to make an application for refund of accumulated credit at the end of the quarter he would not be entitled for refund of credit which accrued to him in the previous quarter. 7. In view of our observations above, we are unable to agree with the ld. Commissioner that the previous balance of credit should be deducted from the accumulated credit during the quarter for which refund application is made. We also do not agree with the finding that capital goods credit should be deducted while arriving at the correct amount of refund. 8. The order of the Commissioner is set aside and remanded to him for a fresh consideration with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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