2014 (8) TMI 249

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....ra, AR (ADDL.COMMR.) PER : D M Misra This is an Application seeking waiver of duty of Rs. 2,62,14,660/- and equal amount of penalty imposed under Rule 15(2) of the CENVAT Credit Rules, 2004 read with Section 11AC of the Central Excise Act, 1944. 2. At the outset, ld. Advocate, Shri Ravi Raghavan appearing for the Applicant, submits that the present demand was confirmed against them on the groun....

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....tributable to the exempted final products. Further, it is his submission that the ld. Commissioner had not accepted their quantification of the proportionate credit on inputs and input services that had been utilized in the manufacture of final products on the basis of the Range Superintendent's observation and observed that there was short reversal of CENVAT Credit to the tune of Rs. 39,45,66....

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....4. Heard both sides and perused the records. We find that admittedly, the Applicant had availed the CENVAT Credit on inputs and input services, which were used in or in relation to the manufacture of both dutiable and exempted final products. It is also not in dispute that the Applicant had neither maintained separate records nor exercised their option for reversal of the proportionate CENVAT Cred....