Refund of Unutilized Cenvat Credit Denied Under Section 142(3) as No Legal Provision Exists for Balance Credit

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....CESTAT dismissed appeal concerning refund claim of unutilized Cenvat Credit under s.142(3) of CGST Act, read with Rule 5 of Cenvat Credit Rules and s.11B of Central Excise Act. Following Jharkhand HC's precedent in Rungta Mines Ltd case, tribunal affirmed that existing law prohibits cash refund of Cenvat Credit available on appointed date (01.07.2017). Appellant's failure to transition credit through proper channels and absence of export activities were fatal to refund claim. Tribunal held no legal provision exists under Cenvat Credit Rules 2004 for refunding balance credit, making refund claim legally untenable.....