2006 (1) TMI 30

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.... recovery thereof. The appellants are manufacturers availing Modvat credit and also are clearing goods at full exempted rates of duty. They have been asked to pay 8% of the amount of the price of the exempted goods as per Rule 6 (2) of CENVAT Credit Rules. After hearing this application for some time it transpires that the main appeal can be disposed off. Therefore, after waiver of pre-deposit we ....

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....nbsp;             (Emphasis Supplied) The reading of the emphasized portion clearly indicates that it is an option of the assessee. In such circumstances as in this case whether they would opt to reverse the full amount of credit taken on the inputs used in the manufacture fully exempted goods keep proper accounts & reverse the credit or....