https://www.taxtmi.com/caselaws?id=125965 On a switch over to SSI exemption, Cenvat credit on inputs lying in stock, and on inputs contained in finished goods lying in stock on the date of exemption, was held not required to be reversed, following the Larger Bench and earlier five-Member Bench view. The contrary Revenue position was noted, but dismissal of the SLP against that view was not treated as a declaration of law, so the assessee succeeded on the credit demand. Separate penalty on the proprietor was also held unwarranted once penalties had already been sustained against the firm, and the deletion of the proprietor's penalty was affirmed. en-us Wed, 17 Dec 2008 00:00:00 +0530 Thu, 05 Jan 2017 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=125965 On a switch over to SSI exemption, Cenvat credit on inputs lying in stock, and on inputs contained in finished goods lying in stock on the date of exemption, was held not required to be reversed, following the Larger Bench and earlier five-Member Bench view. The contrary Revenue position was noted, but dismissal of the SLP against that view was not treated as a declaration of law, so the assessee succeeded on the credit demand. Separate penalty on the proprietor was also held unwarranted once penalties had already been sustained against the firm, and the deletion of the proprietor's penalty was affirmed. Case-Laws Central Excise Wed, 17 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=125965