Refund Allowed: Rule 5 CENVAT Credit Rules Misinterpreted, Initial Rejection Overturned for Export Clearance Below 50% Requirement.

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....Refund - Rule 5 of the CENVAT Credit Rules, 2004 - Refund was rejected on the ground that the average export clearance of final products of the appellant in the preceding quarter was less than 50% of the total clearance and did not satisfy the condition in Notification No. 5/2006 (C.E.) N.T. dated 14.3.2006 - The interpretation resorted by the authorities is incorrect - refund allowed - AT....