https://www.taxtmi.com/caselaws?id=174142 Where exempted goods were cleared without separate input accounts, reversal of input credit with interest at the time of removal was treated as sufficient compliance with Rule 6 of the Cenvat Credit Rules, 2002. Applying the principle recognised in Chandrapur Magnets and the relevant notification, the Tribunal held that such reversal met the rule's requirement, and the Karnataka HC found no error of law or irregularity in that view. The court also noted that the relevant amendment period extended to the date of removal in question. The assessee was therefore not liable to pay 8% of the price of the exempted goods, and the Revenue's challenge failed. en-us Tue, 29 Jun 2010 00:00:00 +0530 Wed, 10 May 2017 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174142 Where exempted goods were cleared without separate input accounts, reversal of input credit with interest at the time of removal was treated as sufficient compliance with Rule 6 of the Cenvat Credit Rules, 2002. Applying the principle recognised in Chandrapur Magnets and the relevant notification, the Tribunal held that such reversal met the rule's requirement, and the Karnataka HC found no error of law or irregularity in that view. The court also noted that the relevant amendment period extended to the date of removal in question. The assessee was therefore not liable to pay 8% of the price of the exempted goods, and the Revenue's challenge failed. Case-Laws Central Excise Tue, 29 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174142