Archive: 01 June 2018

Cenvat Credit Rules can’t curtail Assessee’s entitlement to avail credit of inputs lying in stock as on the date of crossing the exemption limit

In such a scenario, by adopting the principles of harmonious construction and interpretation of rule, I hold that the appellant right to avail the credit at the time of coming out of the exemption scheme cannot be curtailed down by adopting Rule 4(1) of the Cenvat Credit Rules.