2006 (1) TMI 129

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....: C.N.B. Nair, Member (T)]. - All these appeals and stay applications raised the same question. Even though the matter is posted today before us for consideration of the stay applications, we have heard both sides at length and are of the opinion that appeals themselves are required to be disposed of. Accordingly, after dispensing with the requirements of pre-deposit, we are taking up the appeals ....

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....sel for the appellant-assessee is that the view taken by the Commissioner treating CENVAT account as separate for each final product is contrary to the provisions of Rule as well as judgment of the Hon'ble Supreme Court and instructions of the Central Board of Excise and Customs. It is being pointed out that sub-rule 3(3) of the Cenvat Credit Rules, 2002 specifically states, "Cenvat credit may be ....

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....ticular raw material to which the credit is related. The credit may be taken against the excise duty on a final product manufactured on the very day that it becomes available." (emphasis supplied) The learned Counsel also taken us through the instructions of the Central Board of Excise and Customs contained in Circular No. 334/4/94-TRU, dated 15-3-1995 wherein the Board classified that "in o....