2006 (10) TMI 93

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....rder dated 4.5.2005 passed by the Customs, Excise and Service Tax Appellate Tribunal, New Delhi in Appeal No.E/2888/04-B, proposing following substantial question of law:- "Whether the manufacturer was not required to reverse the Cenvat Credit in respect of inputs lying in stock and as well as used in semi-finished/ finished goods lying in stock as on 31.3.2001 which were used in the manufacture ....

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....the assessee was reversing the credit in respect of inputs used in papers under Notification No.3/2001. 4. Learned counsel for the revenue submitted that since the inputs were being consumed in exempted goods, manufacturer availing of exemption could not avail of the benefit of Modvat credit in respect of the inputs lying in the stock. 5. Learned counsel for the assessee, however, submitted that....