Cenvat Credit Can Be Carried Forward u/r 11(3) If Exemption Is Conditional, Not Absolute.

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....Lapse of Cenvat Credit - Carry forward of Cenvat credit - In terms of strict provision of Rule 11(3) of Cenvat Credit Rules, 2004, the bar of lapsing of credit is applicable only when the assessee avail the absolute exemption notification. Therefore, in the present case exemption notification No. 30/2004-CE, being a conditional one, bar of lapsing of credit shall not apply. - AT....