Interim stay on refund sanction order granted pending appeal over credit reversal after opting for Notification No. 30/2004 benefit.

Operation of the refund sanction order was stayed pending disposal of the appeal in a dispute arising from the assessee's election to claim benefit under Notification No. 30/2004 dated 09.07.2004 and the resulting reversal of credit linked to stock, work-in-progress and finished goods. The matter concerned whether interim protection should be granted against implementation of the refund order while the appeal remained pending, and the order was stayed until final disposal of the appeal.

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Issues: Whether operation of the order granting refund could be stayed pending disposal of the appeal in a matter arising from the assessee's option to avail the benefit of Notification No. 30/2004 dated 09.07.2004 and the consequent reversal of credit attributable to stock, work-in-progress and finished goods.

Outcome: The operation of the impugned order sanctioning refund was stayed till disposal of the appeal.

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