1997 (8) TMI 210

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.... E/441/96-NB Vishal Steel Rolling Mills   (2) E/442/96-NB Vivek Re-rolling Mills   (3) E/443/96-NB Bajrang Steel Rolling Mills   (4) E/444/96-NB Vivek Re-rolling Mills   (5) E/445/96-NB Bajrang Steel Rolling Mills   (6) E/452/96-NB Indian Mechanical Works 3. The facts of the case are that the appellants are a re-rolling mill without a furnace or melting arrangements. They procure materials from the market and claim the benefit of deemed Modvat credit in terms of Government of India Order No. TS/86/94-TRU, dated 1-3-1994. In respect of ingots and re-rollable materials of iron and steel purchased from outside and lying in stock on or after 1st day of April, 1994. The Department alleged that ....

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....nce invoice assessment was introduced with effect from 1-4-1994 and M/s. Bharat Petroleum was not fully conversant with the requirement of law, therefore they issued the cash memo indicating the amount of duty paid on the petroleum products covered by the cash memo. He submits that subsequently particulars of the duty paying documents were also co-related and, therefore, the ld. Counsel submits that the co-relation was complete and prays that Modvat credit amounting to Rs. 11,791/- may be allowed. 6. Ld. Counsel also submitted that penalties have been imposed on the appellants in respect of A. No. E/441/96-NB and No. 445/96-NB and prays that in view of the fact that deemed Modvat credit was available to the appellants in view of the d....