A SSI unit choosed the option of availing exemption of not paying duty upto Taxable T-O of Rs.1.5 Cr, but done purchase of bulk raw materials which will be used as inputs for output Taxable T-O of Rs.5 Cr. In that case can the unit is eligible to take cenvat credit proportionately on inputs used in the manufacturing Taxable T-O over and above 1.5 Cr exemption limit even though purchased at the beginning of production. If yes please quote the relevant statutory provisions.
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