Appeal dismissed; identical excise duty and MODVAT credit make post-credit duty payment revenue neutral, refund denied SC dismissed the appeal and ruled against the revenue, holding that where excise duty paid and Modvat credit availed are identical, payment of excise duty ...
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Appeal dismissed; identical excise duty and MODVAT credit make post-credit duty payment revenue neutral, refund denied
SC dismissed the appeal and ruled against the revenue, holding that where excise duty paid and Modvat credit availed are identical, payment of excise duty after availing Modvat credit is revenue neutral. The Court left the broader question of law open while denying the revenue's claim for refund of the credit, effectively upholding the assessee's position on the specific factual matrix before the Court.
The Supreme Court dismissed the Revenue's appeal regarding Modvat credit availed by the assessee, leaving the question of law open. The Revenue claimed the assessee owed Rs. 26,77,320 for wrongly availing the credit, but the assessee argued it was revenue neutral as excise duty paid and Modvat credit availed were identical. No costs were awarded, and the Revenue was granted liberty to mention the matter if the submission was found incorrect upon verification.
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