1998 (10) TMI 186

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....y, for the Appellant. Shri Sanjeev Srivastava, JDR, for the Respondent. [Order per : G.R. Sharma, Member (T)]. -  The captioned Stay Petition was filed by the Applicants requesting for waiving of pre-deposit of duty. 2. The facts of the case, in brief, are that the Applicants have 2 Units. They were procuring certain inputs for manufacture of Hydraulic Assemblies and other fi....

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.... of duty, so they should be deemed to be cleared either at NIL rate of duty or be treated as exempt and accordingly, demanded duty equivalent to the credit taken on the inputs used in these Hydraulic Assemblies. The Dy. Commissioner disallowed Modvat credit of Rs. 9,35,574.16 and Rs. 5,51,126.52 and ordered it to be recovered. On appeal, the ld. Commissioner (Appeals) dismissed the Appeal of the A....

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....re of Tractors of less than 1800 CC because in this case, such tractors were exempted even at the time of receipt of the inputs and, therefore, the prohibition under Rule 57C was applicable. We, however, note that the Applicants at the time of clearance of such Tractors reversed an amount equivalent to the credit taken on the inputs. Credit on the inputs in the other 2 situations was rightly taken....