TaxTMI 
TaxTMI 
2010 (9) TMI 309
X X X X Extracts X X X X
X X X X Extracts X X X X
....S.K. Mall, SDR, for the Respondent. [Order]. - The appellant is engaged in processing of fabrics under Chapters 52, 54 and 55 of the schedule of Central Excise Tariff Act, 1985. Appellant was availing the benefit of cenvat credit. Appellant filed a declaration of stock lying as on 1-4-2003 vide letter dated 26-5-2003 and availed cenvat credit of Rs. 1,51,012/-. Appellant took deemed credit as p....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... has been cleared as such, the credit has been denied. She also submits that at the time of declaration, the grey fabrics declared by them had been received as input only and therefore, credit has been denied correctly. Learned DR on the other hand supports the view taken by the lower authorities that grey fabrics cleared as such, cannot be considered as inputs. 3. In have considered the sub....
X X X X Extracts X X X X
X X X X Extracts X X X X
....3) of the table below, on inputs lying in stock or in process or on inputs contained in finished goods lying in stock, as specified in the corresponding entry in column (2) of the said Table, namely :- TABLE S. No. Description Amount of credit (1) (2) (3) 1. Input lying in stock or in process, namely, (a) Texturised yarn lying in stock in a composite mill; Rs. 18 per Kg....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n stock. Therefore, what is required to be seen at the time of availment of credit is whether the goods were to be treated as inputs or finished goods. Admittedly, the finished goods of the appellants is processed fabrics. Therefore, the declaration filed by them and credit taken by them is in order. There is no provision in the notification to subsequently require the appellant to reverse the cre....