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Issues: Whether trading activity could be treated as an exempted service for the period prior to 1 April 2011 so as to justify denial of CENVAT credit and imposition of penalty.
Analysis: The insertion of the explanation to the relevant definition by Notification No. 3/2011-CE (N.T.) was brought into force only from 1 April 2011. The reasoning applied was that the amendment was substantive in nature and could not be applied retrospectively merely because it was described as an explanation. In the absence of retrospective operation, trading for the earlier period did not fall within the coverage of exempted service for the purpose of denying credit on common input services.
Conclusion: Trading could not be treated as an exempted service for the period prior to April 2011, and the disallowance of CENVAT credit and penalty were unsustainable.
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