https://www.taxtmi.com/caselaws?id=119161 Opting for value-based exemption did not relieve the assessee of the obligation to reverse Cenvat credit attributable to inputs in stock, work-in-process, and finished goods. Rule 9(2) of the Cenvat Credit Rules, 2002 was treated as mandatory, and reliance on Rule 3(2) or the exemption notification illustration was found insufficient to displace that requirement. The balance sheet was treated as relevant to liability, and the materials on record showed a prima facie case against complete waiver. Only conditional interim relief was therefore considered appropriate, with partial deposit directed pending appeal. en-us Wed, 14 Jun 2006 00:00:00 +0530 Mon, 09 Jul 2012 14:04:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119161 Opting for value-based exemption did not relieve the assessee of the obligation to reverse Cenvat credit attributable to inputs in stock, work-in-process, and finished goods. Rule 9(2) of the Cenvat Credit Rules, 2002 was treated as mandatory, and reliance on Rule 3(2) or the exemption notification illustration was found insufficient to displace that requirement. The balance sheet was treated as relevant to liability, and the materials on record showed a prima facie case against complete waiver. Only conditional interim relief was therefore considered appropriate, with partial deposit directed pending appeal. Case-Laws Central Excise Wed, 14 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119161