TaxTMI 
TaxTMI 
2000 (9) TMI 343
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....er]. - The facts in this case are that the appellants were paying duty on the end products and taking Modvat credit on their inputs. On 1-4-1999 they opted for availing the benefit of the exemption under Notification No. 8/99 dated 28-2-1999 and as per the provisions of Rule 57H(7) they were required to pay an amount equivalent to the credit allowed to them in respect of inputs lying in stock or....
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....e original authority dismissing the appeal of the party. I have heard Sh. A.L. Mathur, Consultant, for the appellants and Sh. Y.R. Kilania, JDR for the respondents. In a similar matter and in respect of the same appellants, I have earlier passed a Final Order bearing No. A/607/2000/NB(SM) dated 14-3-2000. I reiterate the same findings and reproduced the following extracts from that order : - "I h....
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....t availed on the inputs and finished goods lying in stock on the date of opting for the exemption scheme is more than the credit balance in their Modvat credit account, they will not be liable to pay such amount or the same will be condoned. The key words in this sub-rule are 'shall be required to pay an amount equivalent to the credit allowed to him in respect of inputs and finished goods lying i....