CENVAT Credit Reversal: Financial Leasing Services Not Exempted, Exclusion from Notification No. 4/2006 Formula Confirmed.

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....Reversal of CENVAT Credit - once it is concluded that the Financial Leasing Service is not an exempted service, there is no justification in considering the portion of the value of taxable service exempted vide N/N. 4/2006, dated 01.03.2006 to be included in the formula for determining the amount to be reversed.....