https://www.taxtmi.com/caselaws?id=221551 The exemption under Notification No. 30/2004-C.E. is not denied merely because a carried-forward Cenvat credit balance appears in records when the assessee opts for exemption, if no inputs, semi-finished goods, or finished goods remain in stock on that date and no post-option credit is taken. The relevant condition is aimed at preventing simultaneous availing of credit and exemption, not at disqualifying a taxpayer where the recorded balance is only notional and cannot be used for duty payment after the exemption option is exercised. On that basis, the exemption remains available and the demand, interest, and penalties are unsustainable. en-us Thu, 13 Sep 2012 00:00:00 +0530 Mon, 18 Mar 2013 15:54:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221551 The exemption under Notification No. 30/2004-C.E. is not denied merely because a carried-forward Cenvat credit balance appears in records when the assessee opts for exemption, if no inputs, semi-finished goods, or finished goods remain in stock on that date and no post-option credit is taken. The relevant condition is aimed at preventing simultaneous availing of credit and exemption, not at disqualifying a taxpayer where the recorded balance is only notional and cannot be used for duty payment after the exemption option is exercised. On that basis, the exemption remains available and the demand, interest, and penalties are unsustainable. Case-Laws Central Excise Thu, 13 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221551