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Issues: Whether waiver of pre-deposit and stay of recovery should be granted where the assessee reversed the credit before the show cause notice after the goods became notified, and the Revenue did not dispute the assessee's working of the reversal.
Analysis: The credit was reversed before the issue of the show cause notice. The goods had already been notified by that time, and the computation on the basis of which reversal was made was not disputed by the Revenue. The order distinguished cases where credit had not been reversed at all, and held that the assessee had, prima facie, complied with the relevant rules. The lapse, if any, was treated as procedural and not as a basis to deny Modvat credit at the interim stage.
Conclusion: Waiver of pre-deposit and stay of recovery were granted in favour of the assessee.
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