2003 (2) TMI 390

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....t of Modvat credit by relying upon the decision of the Supreme Court in Union of India v. Solar Pesticides P. Ltd. [2000 (116) E.L.T. 401 (S.C.)]. The applicants submit that the Supreme Court in the said case had not dealt with or decided on any question of Modvat credit taken or not taken. Their submission as contained in para (iii) of the application is that they had been consistently pleading for the benefit of Modvat credit of CVD in lieu of refund. 2. To briefly recapitulate the facts of the case, the applicants had paid CVD at 18% on 'Palm Kernel Fatty Acid Distillate' imported and cleared under Bill of Entry dated 24-10-98. The classification of the goods at the time of such clearance was held under Chapter Heading 38.20 of t....

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....ed to the assessee by allowing them to avail the benefit of Modvat credit of the excess CVD in lieu of refund thereof. Pressing this Misc. application, ld counsel cites a precedent of this Tribunal exercising inherent jurisdiction under Rule 41. The Tribunal made provision in the final order for set off of certain deposit of the assessee against the amount of duty refundable to them by the department. Counsel submits that the order so passed by the Tribunal under Rule 41 was upheld by the Supreme Court. Copies of the orders of the Tribunal and the Apex Court have been produced by the counsel today. Ld. Counsel prays for following the above precedent and modifying the final order dated 31-7-2002 appropriately. 3. Ld. SDR opposes this....