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of <h1>Supreme Court Rules Reversed Input Tax Credit Allows Textile Manufacturers Exemption Under Notifications 14/2002-CE & 30/2004-CE.</h1> The circular addresses the eligibility for exemptions under notifications No. 14/2002-CE and No. 30/2004-CE concerning textile articles. Initially, it was clarified that manufacturers who availed input tax credit were ineligible for exemptions, and reversing the credit later would not restore eligibility. However, following a Supreme Court ruling in the case of CCE, Mumbai-I vs. M/s. Bombay Dyeing Ltd, it is now clarified that if the credit is reversed before utilization, it is considered as not having been taken, thus allowing manufacturers to claim the exemption. This amendment affects goods under chapters 50 to 63 of the Central Excise Tariff.
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