Modvat credit versus SSI exemption and Rule 57C referred to High Court for legal determination.

Modvat credit, SSI exemption, and the applicability of Rule 57C were treated as questions of law requiring High Court consideration. The Reference Application was disposed of by referring those issues to the High Court for determination, with the availability of the option to claim Modvat credit or exemption under the small-scale industry notification left open for judicial consideration.

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Outcome: The Reference Application was disposed of by referring the questions of law concerning the availability of the option to avail Modvat credit or exemption under the SSI notification, and the applicability of Rule 57C, to the High Court for consideration.

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