https://www.taxtmi.com/caselaws?id=329160 Opting for the Compounded Levy Scheme under Notification No. 34/2001-CE did not trigger reversal of CENVAT credit already availed on inputs lying in stock, work in progress, or contained in finished goods. The proviso to Para 1 barred fresh credit on specified materials used for cold rolling, but it did not expressly require reversal of credit already taken on inputs embedded in existing stock or goods at the time of opting in. Following its earlier view, the Tribunal held that only unutilized credit standing in the account could lapse, while credit already utilized was not recoverable. The disputed credit therefore did not have to be reversed, and refund was admissible. en-us Tue, 07 Jun 2016 00:00:00 +0530 Thu, 23 Jun 2016 13:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329160 Opting for the Compounded Levy Scheme under Notification No. 34/2001-CE did not trigger reversal of CENVAT credit already availed on inputs lying in stock, work in progress, or contained in finished goods. The proviso to Para 1 barred fresh credit on specified materials used for cold rolling, but it did not expressly require reversal of credit already taken on inputs embedded in existing stock or goods at the time of opting in. Following its earlier view, the Tribunal held that only unutilized credit standing in the account could lapse, while credit already utilized was not recoverable. The disputed credit therefore did not have to be reversed, and refund was admissible. Case-Laws Central Excise Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329160