2017 (12) TMI 693

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....lants are engaged in the manufacture of "cast iron chamber covers & scrap" falling under chapter 73 of the Schedule to the CETA, 1985. They are availing value based exemption for SSI under the Notification No.08/2003-CE dt 01/03/003 as amended. It appeared that during the financial year 2009-10 from the month of December 2009, the appellants, on crossing the SSI limit, started availing CENVAT credit on inputs and raw materials and started clearing their final goods on payment of duty. From 01/04/2010, the appellants opted for exemption from the whole of duty under the above notification and thereby became liable to pay the amount equivalent to the CENVAT credit present in the inputs / work in progress / finished goods lying in stock as on 3....

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....rd both the parties and perused materials on record. 4. The learned consultant for the appellant submitted that the impugned order is not sustainable in law as the same has been passed without considering the evidences on record. He further submitted that during the year 2009-10, the appellant opted for SSI exemption and on crossing the SSI limit, they started availing CENVAT credit on inputs and raw materials and cleared final products on payment of duty. As on 31/03/2010, appellant was having 63,473 kgs. of finished goods lying in stock which was manufactured mainly out of the non-CENVATabIe scrap as the appellant has stopped procuring CENVAT inputs at the end of the closure of the financial year 2009-10. The closing stock of 63,473, k....