2016 (8) TMI 237

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....hri Govind Dixit, DR for the respondent ORDER Per R. K. Singh Appeal has been filed against the order-in-original dated 5/4/2007 in terms of which CENVAT Credit demand of Rs. 1,53,38,727/- was confirmed along with interest and penalties on the ground that the appellant had not reversed the CENVAT Credit attributable to the stock of raw material, inputs contained in the work-in-progress an....

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....15. At this juncture, the Tribunal in Ashok Iron and Steel Fabricators case, referred supra as well as the decision of the Bangalore Bench of the Tribunal in the assessee s own case have emphasized over and over again on para 17 of the decision of in Dai Ichi Karkaria Ltd, case referred supra, which has very clearly set out the position as to how the credit taken on inputs, should be utilized. To ....

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....t that has been validly taken, and its benefit is available to the manufacturer without any limitation in time or otherwise unless the manufacturer itself chooses not to use the raw material in its excisable product. The credit, is therefore, indefeasible. It should also be noted that there is no correlation of the raw material and the final product: that is to say, it is not as if credit can be t....

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....mpt from payment of duty, for the inputs received on and after the said date, no credit can be taken. This would be the correct method of understanding of the position of law. 17. The introduction of Rule 11 (3) of the CENVAT Credit Rules, 2004, by Notification No. 10/2007-C.E. (N.T.) dated 1-3-2007 and the Tax Research Unit Circular in D.O.F No. 334/1/2007-TRU, dated 28.02.2007 clarifyin....