2003 (7) TMI 598

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....r the Appellant. Shri N.K. Mishra, JDR, for the Respondent. [Order per : Archana Wadhwa, Member (J)]. - Out of the total demand of Rs. 11,63,450.00 confirmed by the authorities below vide their impugned order passed in de novo proceeding, we have been informed that the appellant has already deposited an amount of Rs. 5,00,000/- during the first round of litigation before the Tribunal. Tak....

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....at credit only to the extent of Rs. 43,45,980/- by observing that the Modvat credit of duty paid on the inputs received in the appellants' factory, when their final product was dutiable but utilised in the manufacture of the final product which subsequently become exempted, cannot be extended to them. Shri Chattopadhyay submits that the issue is no more res integra and has been decided by the Larg....

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.... no justification for the authorities below to deny them the credit of duty in respect of the inputs received by them their final product was dutiable. The authorities should have adjusted the same against the demand confirmed. 3. Shri N.K. Mishra, ld. JDR appearing for the Revenue submits that the demand in question relates to the period 11-4-97 to 5-6-97 when the authorities have already....

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.... the submissions made by both sides. The matter was remanded to the Assistant Commissioner for quantifying the Modvat credit available to the appellants and adjusting the same against the demand confirmed against the appellants. While allowing such Modvat credit, we find that the credit in respect of the inputs lying in stock as on the day of subsequent exemption of final product, has not been all....