https://www.taxtmi.com/caselaws?id=118809 Cenvat credit validly taken on input stock received before withdrawal of the credit facility cannot be reversed merely because the inputs remained unconsumed on the effective date. The Tribunal held that the subsequent notification did not authorise denial of credit already lawfully availed, and the presence of balance stock by itself did not justify demand of reversal, interest or penalty. The view was supported by the cited High Court and Supreme Court authorities, and the Board circular could not override that settled position. The Revenue's demand for reversal of Cenvat credit was therefore unsustainable. en-us Fri, 02 Sep 2005 00:00:00 +0530 Fri, 06 Jul 2012 10:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118809 Cenvat credit validly taken on input stock received before withdrawal of the credit facility cannot be reversed merely because the inputs remained unconsumed on the effective date. The Tribunal held that the subsequent notification did not authorise denial of credit already lawfully availed, and the presence of balance stock by itself did not justify demand of reversal, interest or penalty. The view was supported by the cited High Court and Supreme Court authorities, and the Board circular could not override that settled position. The Revenue's demand for reversal of Cenvat credit was therefore unsustainable. Case-Laws Central Excise Fri, 02 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118809