2000 (5) TMI 328

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....s are engaged in the manufacture of filament yarn and nylon filament yarn. The products of chapter sub-heading 5403.00 became eligible for exemption under Notification No. 1/93, dated 26-2-1993 as amended by Notification No. 90/94, dated 25-4-1994. Scrutiny of the records revealed that though Notification No. 90/94 was issued on 25-4-1994, the appellants were paying full duty and availing the benefit of modvat credit upto 6-6-1994. On coming to know of the amendment of Notification No. 1/93 on 6-6-1994 when they had cleared textured and non- textured yarn valued at Rs. 26,38,525.00 from 1st April, 1994 to 6th June, 1994. They claimed that they will be availing the benefit of exemption under Notification No. 1/93 as amended from 25-4-1994 to....

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....unity of being heard in person. 4.  Shri S.K. Das, ld. JDR submits that for the purpose of computing the aggregate value of clearance of production under Notification No. 1/93, the provision is very clear inasmuch as the clearances are to be taken during the financial year commencing from 1-4-1994. He submits that for this purpose even the clearances which were effected on payment of duty shall be taken for the purpose of computing the aggregate value of clearances. He submits that the exemption shall be applicable only w.e.f. 25-4-1994 inasmuch as Notification No. 90/94 was issued on 25-4-1994 and since there was nothing in the notification to show that it will be retrospectively applicable, it will be applicable only w.e.f. 25-4-199....