2009 (6) TMI 361

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.... Nandy, Consultants, for the Appellant. Shri B.B. Agarwal, Jt. CDR, for the Respondent. [Order per: Chittaranjan Satapathy, Member (T)]. - Heard both sides. 2. The learned Consultant, Shri B.K. Munshi appearing for the Appellants states that the Modvat Credit amounting to Rs. 9,032,791.00 should not have been disallowed to the Appellants. According to him, the Appellants are entitled to t....

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....:- (i) Eicher Motors Ltd. v. Union of India - 1999 (106) E.L.T. 3 (S.C.); (ii) Samtel India Ltd. v. CCE, Jaipur - 2003 (155) E.L.T. 14 (S.C.); (iii) Nahar Industrial Enterprises v. CCE, Chandigarh - 2004 (176) E.L.T. 541; (iv) Kopran Ltd. v. CCE, Raigad - 2006 (72) RLT 719; These decisions support the claim by the Appellants that once the credit has accrued, the same will be availab....

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....gh Court have decided that in view of retrospective amendment made by the Finance Act, 1999, the basis of the earlier decision in the case of Eicher Motors (supra) etc. cannot be applied and the vested right for accrued credit is no longer available in cases where the rules provide for lapsing of the credit. He further states that this view has been applied by the Tribunal in the subsequent cases ....

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....lidated, the impugned Rule 57F(17)(c) allowing for lapsing of the credit cannot be said to have been made without authority. This view is supported by the decisions of the Hon'ble Bombay High Court and the Larger Bench of CESTAT in the cases of Coral Cosmetics (supra) and Kusum Ingots & Alloys (supra) cited by the learned Jt. C.D.R. Hence, we are of the view that as held by the Hon'ble Bombay High....