https://www.taxtmi.com/caselaws?id=360248 Rule 9(2) of the Cenvat Credit Rules, 2002 was treated as applying only where an assessee opts for a value-based exemption; because the exemption under Notification No. 30/2004-CE was not value based, the provision could not be used to require reversal or lapse of the credit balance. Rule 11(3) of the Cenvat Credit Rules, 2004, inserted from 01.03.2007, was held to operate prospectively only and could not be applied to deny credit for earlier periods. On that reasoning, the demand linked to lapse of the Cenvat credit balance was set aside, while the admitted duty demands were sustained. en-us Thu, 05 Apr 2018 00:00:00 +0530 Mon, 14 May 2018 06:12:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360248 Rule 9(2) of the Cenvat Credit Rules, 2002 was treated as applying only where an assessee opts for a value-based exemption; because the exemption under Notification No. 30/2004-CE was not value based, the provision could not be used to require reversal or lapse of the credit balance. Rule 11(3) of the Cenvat Credit Rules, 2004, inserted from 01.03.2007, was held to operate prospectively only and could not be applied to deny credit for earlier periods. On that reasoning, the demand linked to lapse of the Cenvat credit balance was set aside, while the admitted duty demands were sustained. Case-Laws Central Excise Thu, 05 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360248