2013 (11) TMI 1123

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....nt: Mrs. S. Bector, Authorized Representative (DR) ORDER Per. Rakesh Kumar :- The facts leading to these appeals and stay applications are, in brief, as under. 1.1 The appellant are manufacturer of plastic components for T.V. sets for L.G. Electronics. M/s L.G. Electronics imported some moulds and dies in May 2002 and took the capital goods Cenvat credit in respect of the same. However....

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....per quarter and that since M/s L.G. Electronics have reversed much higher amount of Cenvat credit than they were required to reverse, M/s K. Three Pvt. Ltd. would not be eligible for full amount of Cenvat credit. On this basis, Cenvat credit demand of Rs. 3,77,301/- was confirmed against M/s K. Three Pvt. Ltd. alongwith interest and beside this penalty of equal amount was imposed. Penalty was also....

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....time there was no provision for reduction of the credit to be reversed @ 2.5% per quarter, that this provision came only w.e.f. 14/11/07, that in terms of the Board's Circular No. 816/13/2005 CX dated 16/6/05 M/s L.G. Electronics were required to reverse the Cenvat credit originally taken, that in view of this, M/s K. Three Pvt. Ltd. have correctly availed the Cenvat credit which was reversed by M....

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....it Rules as the same stood at the time of removal, that at that time, in terms of the provisions of the Rule 3 (5) of Cenvat Credit Rules, 2004, on removal of Cenvat credit availed capital goods after use, the amount of credit to be reversed was to be determined after reducing the original amount of credit by 2.5% per quarter, that in view of this, M/s L.G. Electronics have reversed much higher am....