https://www.taxtmi.com/caselaws?id=220477 Opting for exemption under Notification No. 50/2003-C.E. did not require reversal of Cenvat credit already lawfully taken on inputs lying in stock, or contained in semi-finished and finished goods, on the relevant date. The Tribunal noted that the Himachal Pradesh High Court had already decided the issue in favour of the assessee and that a higher judicial forum's declaration of law prevails over a contrary Tribunal view. It also referred to the supporting Larger Bench view that credit validly taken and utilised on dutiable final products need not be reversed merely because the final product later became exempt. The Revenue's appeal was rejected. en-us Wed, 18 Jul 2012 00:00:00 +0530 Mon, 28 Jan 2013 07:36:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220477 Opting for exemption under Notification No. 50/2003-C.E. did not require reversal of Cenvat credit already lawfully taken on inputs lying in stock, or contained in semi-finished and finished goods, on the relevant date. The Tribunal noted that the Himachal Pradesh High Court had already decided the issue in favour of the assessee and that a higher judicial forum's declaration of law prevails over a contrary Tribunal view. It also referred to the supporting Larger Bench view that credit validly taken and utilised on dutiable final products need not be reversed merely because the final product later became exempt. The Revenue's appeal was rejected. Case-Laws Central Excise Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220477