2017 (9) TMI 1050

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....pondent(s) :  Shri J Surti, Advocate ORDER These two appeals are filed one by the Revenue and the other by the assessee - against OIA-RKA/259/SRT-I/2011 dt 24/08/2011 passed by the Commissioner of Central Excise, Customs and Service Tax (Appeals) -SURAT-I  2.  The assessee has challenged denial of Cenvat Credit and imposition of penalty whereas the Revenue assailed the&nbsp....

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....rn, upheld the order but, reduced the penalty to 25% on fulfilment of the conditions prescribed under Sec. 15(2) of the CCR,2004. 4.  The Ld Advocate Shri J Surti, for the appellant, submits that  they have availed credit as per Rule 3(1) of CCR,2004 as the supplier is a 100% EOU who has paid the duty without availing the benefit of Notification 23/2003CE dt 31.3.2003. It is his conte....

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....without availing the benefit of Notification  23/2003CE- dt 31.03.2003. It is the contention of the Revenue that irrespective of the fact that whether the appellant availed the benefit of Notification No 23/2003)-CE dt 31.3.2003, the credit be restricted to the extent calculated, in accordance with the formula prescribed under Sec. 3(7) of CCR, 2004. To appreciate, the true meaning of the sai....

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....ith serial number 2 of the notification No. 23/2003-Central Excise, dated the 31st March, 2003, [G.S.R. 266(E), dated the 31st March, 2003],  shall be admissible equivalent to the amount calculated in the following manner namely :-     Fifty per cent. of [X multiplied by {(l+BCD/100) multiplied by (CVD/100)}], where BCD and CVD denote ad valorem rates, in per cent., of basic....