2007 (1) TMI 357

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....hri U.H. Jadhav, JDR, for the Respondent. [Order]. -  The authorities below have disallowed deemed credit of Rs. 73,547/- to the appellants and also imposed penalty of equal amount upon them. Credit has been disallowed on the ground that it was wrongly availed during the month of April, 2003 by the appellants who are manufacturers of knitted socks, in terms of Rule 9A(2) of the Cenvat C....

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....,155/- taken on inputs lying in stock as on 31-3-2003. On such reversal, the inputs retained the character of duty paid inputs. It is not the case of the department that any amount in excess of Rs. 7,155/- was taken as credit in April, 2003 when the assessees were availing of exemption under Notification 8/2003. There is, therefore, no reason why stock statement dated 1-4-2003 cannot be accepted t....