2019 (2) TMI 433

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....lant. Shri P.V.B. Chary, Advocate for the Respondent. ORDER Per: P. Venkata Subba Rao This appeal has been filed by the Revenue against Order-in- Appeal No. 46/2009 H-II) CE dated 08.12.2009. 2. The respondents herein are manufacturers of excisable goods and are availing CENVAT credit under CENVAT Credit Rules. During verification of records, the officers found that during the period 2003....

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....lue of the capital goods at which they sold and hence they are reversed the CENVAT credit of the value lower than the CENVAT credit availed by them. A show cause notice was issued and after following due process, an order was issued by the lower authority confirming the demand of duty under Section 11A(1) of the Central Excise Act, 1944 read with Rule, 12/14 of CENVAT Credit Rules, 2002/2004 along....

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....f capital goods or duty is required to be paid on the depreciated transaction value. This issue is no longer res integra. The Hon'ble High Court of Madras in the case of CCE, Coimbatore Vs. Lakshmi Machine Works Ltd., [2015 (321) ELT 577 (Mad.)] held that the assessee was required to reverse the credit equal to credit originally availed only if the capital goods were removed 'as such' which meant ....