Tribunal Affirms Reversal of CENVAT Credit for Export-Focused Appellant, Dismissing Revenue's Procedural Objection.

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....Reversal of proportional CENVAT Credit - trading activity - The Revenue argued that the appellant did not exercise the option u/r 6(2) in writing before the jurisdictional officer, therefore, the reversal of proportionate credit does not apply. - The Tribunal upheld the Commissioner's decision to allow the reversal of proportionate credit, considering that the appellant predominantly engaged in taxable services mainly exports, and the trading activity was minimal during the relevant period. Relying on precedents and amendments to the law in the Finance Act, 2016, the Tribunal found no merit in the Revenue's appeal against the demand.....