The Rajasthan High Court accepts the appeal on the issue of credit on input in stock when the final product is exemplified. The court issued a notice of admission of appeal to the respondents on payment of PF within one week, returnable within four weeks.
The question was whether the assessee must comply with Rule 11(3) (ii) of Cenvat Credit Rules, 2004 to avail of the benefit of exemption notification No.30/2004-CE dated 09.07.2004. Further questioned whether once the input credit is taken legally, then the same cannot be denied after the issue of exemption notification on the final product.
It was also questioned whether the assessee who has taken credit on the input lying in the stock and those contained in semi-finished and finished goods required to be reversed when the final product is exemplified?”
The Chief Justice Mr Manindra Mohan Shrivastava and Justice Munnuri Laxman issued notice of admission of appeal to the respondents on payment of PF within one week, returnable within four weeks.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
