1995 (1) TMI 199

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....i J.M. Jeyaseelan, DR, for the Respondent. [Order per : V.P. Gulati, Member (T)]. -  By this application, the appellants have pleaded for dispensation of the pre-deposit of duty of Rs. 88,200/- which has been demanded for the reason that the appellants were not eligible to utilise the Modvat credit which was standing on the books on the day when they opted out of the Modvat Scheme. The ....

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....refore, they could not have utilised in law the Modvat Credit which stands on the books of the appellants on the day they opted out of the Modvat Scheme. 3. We have considered the pleas made by both the sides. We observe admittedly the appellants had opted out of the Modvat Scheme and the Modvat Credit, which was standing in their books on the day they opted out of the Modvat Scheme was ut....

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....observe once the appellants have opted out of the Modvat Scheme prima facie any right of the appellants on the credits earned under the Scheme would appear to get extinguished and the credit cannot be utilised as we held in the other case, would lapse. Prima facie therefore, we find no infirmity in the order of the learned lower authority. The learned Advocate has pleaded that the appellants' unit....