1996 (9) TMI 266

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....i Gurdeep Singh, JDR, for the Respondents. [Order per : R. Jayaraman, Member (T)]. - This Misc. application is in respect of this Bench interim Order No. 2658/96/WRB, dated 23-7-1996, directing the applicants to deposit the entire modvat amount of about Rs. 6.57 crores. The issue for consideration was whether the modvat credit in respect of capital goods meant for production of acetic acid c....

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....ise Rules as amended from 16-3-1995, wherein it is mentioned that the credit of duty on capital goods could be utilised in respect of duty payable on any excisable goods and when utilisation has taken place subsequent to the amendment, prima facie balance of convenience was held in favour of the assessee. However, in the present interim order, against which the Misc. application has been moved, it....

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....East Regional Bench in the case of Ipitron Tiles Limited v. Collector of Cen. Excise reported in 1993 (21) E.T.R. 380. Hence without any observation being made in the order to this effect, the entire amount has been ordered deposit and they have to wait for the final disposal of the appeal. He would therefore offer to deposit the entire duty demand, if suitable directions are made that the credit ....