https://www.taxtmi.com/caselaws?id=217755 The Appellate Tribunal CESTAT, New Delhi ruled in favor of denying Modvat credit utilization by the appellant under Rule 11 of the Cenvat Credit Rules upon opting for an exemption notification. The Tribunal interpreted Rule 11(3)(i) and Rule 11(3)(ii), emphasizing the legal obligation to repay Cenvat credit equivalent to inputs in stock when opting for exemption. It clarified that the rules do not apply to service tax credit reversal and directed the appellant to deposit Rs. 1 Crore within 12 weeks, waiving the balance duty and penalty amounts during the appeal process due to the appellant's financial condition. en-us Tue, 24 Jan 2012 00:00:00 +0530 Thu, 25 Oct 2012 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217755 The Appellate Tribunal CESTAT, New Delhi ruled in favor of denying Modvat credit utilization by the appellant under Rule 11 of the Cenvat Credit Rules upon opting for an exemption notification. The Tribunal interpreted Rule 11(3)(i) and Rule 11(3)(ii), emphasizing the legal obligation to repay Cenvat credit equivalent to inputs in stock when opting for exemption. It clarified that the rules do not apply to service tax credit reversal and directed the appellant to deposit Rs. 1 Crore within 12 weeks, waiving the balance duty and penalty amounts during the appeal process due to the appellant's financial condition. Case-Laws Central Excise Tue, 24 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217755