2002 (11) TMI 725

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....llant. Shri A. Shukla, SDR, for the Respondent. [Order]. -  Shri K.M. Makwana, learned Consultant appeared for the appellants and stated that the appellants imported Paraffin Wax under Bills of Entry No. 2161, dt. 7-1-1998 and No. 2368, dt. 9-1-1998. Under Notification No. 60/97 C.E. (N.T.), dt. 27-11-1997, the restriction limiting Modvat credit to 10% was lifted for the actual user.....

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....is not covered by Rule 57G(5) inasmuch as it is not a case of not taking credit within six months. It is a case of taking credit of a lesser amount under a wrong notion that the credit is restricted to 10%. This wrong notion has not been rectified even by the assessing officer. Since 10% credit has already been taken within the time-limit of six months by the assessee, he cannot be held to have vi....