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Issues: Whether exemption under Notification No. 30/2004-CE could be denied where Cenvat credit on capital goods was reversed before utilization.
Analysis: The credit was taken but was not utilized for payment of duty and was reversed before issue of the show cause notice. Such reversal before utilization was treated as equivalent to non-availment of credit. The same view had already been taken in the assessee's own case on identical facts, and the issue was no longer res integra.
Conclusion: Exemption under Notification No. 30/2004-CE could not be denied on the ground of such reversed credit, and the demand of duty, interest, and penalty was unsustainable.
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