2015 (11) TMI 898

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....iasami The short issue in the present appeal relates to reversal of cenvat credit of Rs. 18,88,501/- availed by the appellant where the duty debit was made in DEPB in respect of CVD paid by the appellant and availed credit. The lower authorities disallowed the credit on the ground that adjustment of CVD paid in DEPB scrips under EXIM Policy 2002-07 was not eligible to avail credit as per the re....

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....se of Punjab & Haryana High Court's order are reproduced as under :- "10. The main argument of the learned counsel for the revenue that since the licence in the present case was issued under the previous policy and during that period, the Cenvat credit was not admissible in CVD paid, otherwise than in cash, so, the assessee is not entitled to avail the Cenvat credit, is not only devoi....

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....has been amended on 17-9-2004 to extend the benefit of availment of credit of CVD debited through DEPB account, in that eventuality, the revenue cannot deny the benefit of Cenvat credit to the assessee, in the obtaining circumstances of the case. We are of the considered opinion that the Adjudicating Authority has rightly dropped the proceedings and refunded the amount of Cenvat credit to the asse....