2014 (10) TMI 442

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....he Appellant. Shri U.K. Srivastava, DR, for the Respondent. ORDER All the three appeals are being disposed of by a common order as they arise out of the same impugned order of the Commissioner (Appeals) vide which, he has upheld the confirmation of demands by holding that the appellants are liable to reverse the earned CENVAT credit when their final product became exempted. 2. It ....

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....redit and also imposed penalties upon them. 3. I find that the issue is no more res integra and stands settled by various decisions of the Larger Bench of the Tribunal. One such reference can be made to the Larger Bench decision in the case of CCE v. Ashok Iron and Steel Fabricators [2002 (140) E.L.T. 277 (Tribunal-LB)], upheld by the Hon'ble Supreme Court reported in 2003 (156) E.L.T. A21....

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....above Rule, the obligation on the part of the assessee to reverse the credit is only in that case where he opts for exemption from the duty based upon a Notification relatable to value or quantum of the clearances. Inasmuch in the present case, the appellants' final product became unconditionally exempt and the exemption was not dependent upon the value or quantum of clearance in a financial year,....