Concurrent factual finding on absence of manufacturing facility sustained; Modvat credit on M.S. billets and rounds was denied.

Modvat credit on M.S. billets and M.S. rounds was denied because the authorities recorded a concurrent finding that the factory had no facility to manufacture components or spare parts from those inputs. That finding was treated as factual, and no cogent reason was shown to disturb it. The appellate forum therefore declined to interfere with the concurrent factual conclusion and sustained the Revenue's stand, resulting in dismissal of the appeal.

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Issues: Whether the appellant was entitled to Modvat credit on M.S. billets and M.S. rounds claimed to have been used as spare parts after cutting them into size and pieces, in the face of the concurrent finding that the factory had no facility to carry out the alleged manufacturing activity.

Analysis: The authorities below recorded a concurrent finding that the factory did not have the facility to manufacture components or spare parts from M.S. billets and rounds. The finding was treated as one of fact and no reason was found to disagree with it.

Conclusion: The denial of Modvat credit was upheld and the appeal was dismissed.

Final Conclusion: The assessee failed to disturb the concurrent factual finding against it, and the Revenue's stand was sustained.

Ratio Decidendi: A concurrent finding of fact on the absence of manufacturing facility will not be interfered with in appeal unless a cogent reason to disagree is shown.

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