TaxTMI 
TaxTMI 
2024 (2) TMI 960
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....r the Chapter No. 54023300 and 699010000 respectively of the Central Excise Tariff Act, 1985. The Appellant have opted for availing the benefit of notification No. 29/2004-CE dated 09.07.2004 and 30/2004-CE dated 09.07.2004 from 01.03.2011. The Appellant had retained Cenvat credit balances taken on inputs and lying in balance as on 01.03.2007 and they were of the view that the said balance would not lapse as they were availing benefit of both the aforementioned notifications simultaneously whilst maintaining separate records. 2. A show cause notice dated 31.03.2012 was issued to the appellant wherein, it was contended that the Cenvat credit balance amounting to Rs. 85,65,522/- carried forward till 1.4.2011 ought to have lapsed since the ap....
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....nd that the unutilized credit lying as on 31.03.2006 would not lapse. He further submits that the very issue involved in the present case is no longer res-integra as the same is covered by many judgments as cited below:- (a) Reliance Industries Ltd. vs. CCE 2012 (285) ELT 385 - CESTAT - Mumbai (b) Omkar Textile Mills Ltd. vs. CCE- 2006 (198) ELT 29-CESTAT-Mumbai (c) Shree Shyam Synthetics Limited. - 2023 (4) TMI 916 (d) Ruia Rayon Pvt. Ltd &Ors.- 2023 (1) TMI 882-CESTAT AHMEDABAD 4. Shri A.K Samota, learned Superintendent (AR) appearing on behalf of the revenue reiterates the finding of the impugned order. 5. We have carefully considered the submissions made by both the sides and perused the records. The lower authorities have....
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....put service, whether provided in India or exported. (4)......] 6. From the careful reading of the above Rule 11(3), it makes clear that the sub Rule (3)(i) covers the goods that are exempt conditionally whereas sub Rule (3)(ii) would apply to those goods to which exemption under Section 5A of the Central Excise Act, 1944 is granted absolutely. The said rule provides that in any case, the Cenvat credit on stock of input lying in stock, in process and contained in finished goods needs to be reversed however, as regard the balance Cenvat credit after such reversal shall lapse only in a case where the exemption notification is absolute. In the present case, notification no. 30/2004-CE is not an absolute notification as the same contains cond....