2018 (1) TMI 955

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....ngaged in the manufacture of prepared adhesives and organic composite solvents falling under Chapter headings 3506.00 and 3814.00 of the CETA, 1985 respectively. The appellant were also availing Modvat/Cenvat credit of the duty paid on inputs received by them and used in or in relation to manufacture of their final products. Besides using inputs in the manufacture of their final product, the inputs were also cleared as such. On industrial solvents duty leviable was BED 16%. The appellants took Cenvat credit of only BED as no SED was leviable on their final product, though they were entitled to take credit of SED also. The appellant while clearing the inputs as such during the period from April 2001 to December 2001, reversed BED equivalent ....

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....Credit Rules, 2001 read with Rule 4 of Central Excise Rules, 2001. Further the Original Authority appropriated amount of Rs. 14,33,860/- reversed in respect of months of removal and ordered recovery of balance amount. The Original Authority also imposed a penalty of Rs. 1 lakh on the appellant under Rule 13 of Cenvat Credit Rules, 2001. Aggrieved by the said order appellant preferred appeal before Commissioner (Appeals). Commissioner (Appeals) has held that credit taken in January, 2002 could not be utilized for payment of duty in respect of clearances made during the period from April, 2001 to December, 2001 and in view of such finding he rejected the appeal. Aggrieved by the said order appellant is before this Tribunal. 4. Heard the le....