https://www.taxtmi.com/caselaws?id=31832 Reversal of Cenvat credit before clearance of exempted goods was treated as non-availment of credit for purposes of Notification No. 30/2004-CE, so the exemption could not be denied merely because separate accounts were not maintained. The Court applied the settled principle that timely reversal neutralises the earlier credit entry and places the assessee in the same position as if credit had not been taken. It also relied on binding precedent and departmental clarification, and found the Revenue's objection on separate books insufficient. The assessee was therefore entitled to the exemption and the Revenue's challenge failed. en-us Mon, 08 Sep 2008 00:00:00 +0530 Sat, 06 Sep 2025 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31832 Reversal of Cenvat credit before clearance of exempted goods was treated as non-availment of credit for purposes of Notification No. 30/2004-CE, so the exemption could not be denied merely because separate accounts were not maintained. The Court applied the settled principle that timely reversal neutralises the earlier credit entry and places the assessee in the same position as if credit had not been taken. It also relied on binding precedent and departmental clarification, and found the Revenue's objection on separate books insufficient. The assessee was therefore entitled to the exemption and the Revenue's challenge failed. Case-Laws Central Excise Mon, 08 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31832