2006 (5) TMI 394

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....t. Shri Meena, SDR, for the Respondent. [Order per : P.G. Chacko, Member (J)]. -  The Commissioner of Central Excise has denied Cenvat Credits, totalling to Rs. 1,75,40,771/-, to the assessee in respect of inputs as such and inputs contained in semi-finished goods and finished goods lying in stock as on 9-7-2004. He has also held that, in terms of Rule 6(1) of the Cenvat Credit Rules....

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....y the assessee on the dates of receipts thereof in their factory. It is submitted that, where the "vestitive event" (receipt of inputs, in the present case) occurred prior to the date on which the event disentitling the assessee to the benefit (exemption of final product, in this case) occurred, the benefit which accrued from the vestitive event was not deniable. The decision of the Commissioner i....

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.... duty with effect from that date. The department maintained that such credit lapsed on 16-3-95, while the assessee claimed the right to utilise such credit beyond the said date. After a perusal of the judgment of the Apex Court, we find that, in that case, the final product had already been cleared from the factory on 16-3-95. We think, for the present, we need not examine the applicability of thi....