https://www.taxtmi.com/caselaws?id=752796 CESTAT Ahmedabad dismissed Revenue's appeal regarding reversal of accumulated Cenvat credit under Rule 11(3) of Cenvat Credit Rules, 2004. The assessee manufactured texturized polyester yarn and availed exemption under N/N. 30/2004-CE. Tribunal held that Rule 11(3)(ii) regarding lapsing of credit applies only when absolute exemption notification is availed. Since N/N. 30/2004-CE is conditional, not absolute exemption, the provision for reversing accumulated unutilized Cenvat credit was not applicable. Commissioner (Appeals) order was upheld. en-us Thu, 16 May 2024 00:00:00 +0530 Fri, 17 May 2024 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752796 CESTAT Ahmedabad dismissed Revenue's appeal regarding reversal of accumulated Cenvat credit under Rule 11(3) of Cenvat Credit Rules, 2004. The assessee manufactured texturized polyester yarn and availed exemption under N/N. 30/2004-CE. Tribunal held that Rule 11(3)(ii) regarding lapsing of credit applies only when absolute exemption notification is availed. Since N/N. 30/2004-CE is conditional, not absolute exemption, the provision for reversing accumulated unutilized Cenvat credit was not applicable. Commissioner (Appeals) order was upheld. Case-Laws Central Excise Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752796