1998 (4) TMI 208

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....ent. [Order]. - This is a stay application filed w.r.t. the order of Commissioner (A), Ghaziabad, dated 12-8-1997. 2. Ld. Counsel stated that the basic issue involved in this case is as to whether the appellants were entitled to Modvat credit in respect of refractory bricks and refractory goods which were used in the manufacture of continuous cast iron bars for lining the furnace in which....

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....under Section 3(1)(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 and it would cast financial hardship to pay the amount mentioned. It was also his submission that no demand as such has so far been raised in pursuance of the order of Commissioner (Appeals). However, this applications has been made because the jurisdictional authorities are pressurising the applicants for immedi....

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....in pointing out that it is already a settled issue that such material is entitled to the benefit of Modvat. In view of this position, I allow the stay application and as only a short point is involved, I take up, with the consent of both the sides, the main appeal and hold that in view of the case law cited by the ld. Counsel, the material is entitled to the benefit of Modvat. 8. Of course, ....