2003 (1) TMI 624

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....for the Respondent. [Order]. -  The appellants have already deposited an amount of Rs. 5,000/-. By considering the said deposit as sufficient, I take up this appeal itself with the consent of both the sides. 2. The appellants during the relevant period were working under the Modvat scheme. They received two consignments of their inputs, one 2400 lt. of chemicals and another 3000....

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.... the quantity of 2400 lt. of chemicals on which the appellants had not availed any Modvat credit and as such the credit subsequently availed in respect of 3000 lt. quantity of chemicals would remain with them in their account and would be lapsed on opting out of the Modvat credit. On the other hand, the appellants' contention is that they had rightly availed the credit at the time of receipt of th....