2007 (1) TMI 402

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....er]. - Heard the learned D.R. None appeared on behalf of the respondent in spite of issue of notice and there is no application for adjournment. 2. The issue involved in this case is that the respondent has taken Cenvat credit in their books of accounts when stove parts were chargeable to duty. Subsequently, the stove parts were exempted from payment of duty. The Revenue has sought demand ....

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....Tribunal in the case of Ashok Iron & Steel Fabricators (supra) wherein it has been held that credit not to be reversed; when subsequently final product exempted from duty as there is no provision in the Rules which provides for a reversal of credit by the excise authorities except where it has been illegally or irregularly taken. It has been contended by the Revenue that there is a specific provis....