2007 (10) TMI 203

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....hall dispose of CEA No. 174 of 2006 and CEA No.23 of 2007 because the appellant-revenue has claimed a similar question of law in both the cases, which is as under:- Whether in the absence of availability of sufficient balance to reverse the cenvat credit involved on the inputs lying in stock, inputs in process and inputs contained in finished goods at the time of opting out of cenvat credit sch....

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....e required to CEA No.23 of 2007 (2) pay back/reverse the Cenvat credit availed on the inputs, inputs in process and inputs contained in the finished goods lying in stock on the date of exercise of option out of Cenvat Credit Scheme. According to the appellant-revenue, the assessee-respondent had in stock the inputs as well as inputs contained in final product. Alleging that the assessee-respondent....

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....contained in finished goods lying in stock as such on 31.3.2001 because the assessee-appellant had correctly availed and utilized the credit of duty paid on those inputs for payment of duty on the final products. When these final products were chargeable to excise duty during the material period, therefore, the appellant-respondents were not required to reverse the cenvat credit of Rs.88,731/-. Th....

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....n of the appeal would arise. There are findings of fact recorded by the Commissioner (Appeals) as upheld by the Tribunal to the effect that the assessee-respondent had correctly availed and utilized the credit of duty paid by them on those inputs when these final products were chargeable to excise duty. It has further been found that there was no one to one relationship of the inputs used and the ....