Unutilized Cenvat Credit Not Refundable Upon Factory Closure Under Section 11B, Export-Related Scenarios Exclusively Permitted

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....CESTAT held that Section 11B(2)(c) and (d) do not provide for refund of unutilized cenvat credit upon factory closure. Rule 5 of Cenvat Credit Rules, 2004 permits refund only for export-related scenarios, not for manufacturing cessation. The appellant's contentions were rejected, finding no statutory basis for cash refund of accumulated credit. The tribunal emphasized that equitable considerations cannot override explicit statutory provisions. Despite potential financial hardship, the claim was deemed untenable as the regulations do not permit such refunds. Consequently, the appeal was dismissed, reinforcing a strict interpretation of tax credit refund regulations.....