Court Invalidates Revenue's Overreaching Interpretation on CENVAT Credit for Common Inputs in Ammonia Case.

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....Reversal of CENVAT Credit - common inputs used for taxable as well as exempt goods - non-maintenance of separate records - Ammonia - Revenue is trying to stretch the law in disregard to express provisions of the Act and the Cenvat Credit Rules. - it is evident from the plain reading of the Rule that it speaks about the goods manufactured and removed during the financial year, and the intermediate products emerges during the manufacture of exempted final products. - The case of the Revenue is mis-conceived and the show cause notice is bad - AT....