https://www.taxtmi.com/caselaws?id=117801 Where exempted and dutiable clearances were kept in separate accounts and the input credit attributable to exempted goods was reversed, a demand for 8% of the value of exempted clearances was held not recoverable. The retrospective validation under section 84 of the Finance Act, 2005 was noted as confirming the relevant exemption period and barring recovery of duty, interest, penalty, fine, or other charges where notices had been issued or recovery proceedings initiated. The circular relied on also supported the view that no further action was required once separate accounts were maintained and attributable credit was reversed, so the demand could not survive. en-us Mon, 27 Mar 2006 00:00:00 +0530 Tue, 26 Jun 2012 16:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117801 Where exempted and dutiable clearances were kept in separate accounts and the input credit attributable to exempted goods was reversed, a demand for 8% of the value of exempted clearances was held not recoverable. The retrospective validation under section 84 of the Finance Act, 2005 was noted as confirming the relevant exemption period and barring recovery of duty, interest, penalty, fine, or other charges where notices had been issued or recovery proceedings initiated. The circular relied on also supported the view that no further action was required once separate accounts were maintained and attributable credit was reversed, so the demand could not survive. Case-Laws Central Excise Mon, 27 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117801