2004 (3) TMI 268

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appeal is as to whether the appellant who was withdrawn w.e.f. 1-4-2000 is entitled to take the Cenvat credit in respect of inputs lying in stock as on 31-3-2000 at the deemed credit rate of 12% of the invoice value in terms of the Notification 29/2000-C.E. (N.T.) or the actual duty paid on the inputs. 2. The lower authorities has allowed the credit of the duty at the rate actually paid on inp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uty was required to be paid on ad veloram basis. The lower authorities have extended the benefit of the credit on the inputs lying in stock on the said date in terms of the Board's Circular No. 522/18/2000, dated 31-3-2000 issued under F.No. B. 4/5/2000-TRU which stipulated that the credit may be allowed in respect of the stock of inputs which are lying with the re-rolling mills and induction furn....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y to the cases where the manufacturer of the said inputs has not declared the invoice price of such inputs correctly in the documents. As such, the presence of the invoice is necessary in terms of the said Notification. If the intention was to give the credit of duty as reflected in the said invoice, then there was no need to lay down the deemed credit rate of 12% of the price, as declared in the ....