TaxTMI 
TaxTMI 
2005 (3) TMI 678
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...., for the Respondent. [Order per : V.K. Agrawal, Member (T)]. - The issue involved in these two appeals, filed by M/s. Magnum Papers Ltd., is whether the Modvat credit of the duty paid on inputs is available to them during the month of March, 2000. 2.Shri Rajesh Chibber, learned Advocate, mentioned that the Appellants have two units manufacturing paper and paper board and avail of Modvat ....
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...., there was specific condition in the notification that the Modvat credit is not availed; that in view of this Modvat credit cannot be disallowed to them under Rule 57H of the Central Excise Rules, 1944. He also mentioned that the Appellants were having stock of finished goods in which modvatable inputs had been used and those goods were intact with them till they again started paying duty after a....
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....t of Modvat credit as one of the condition for availing the benefit of exemption. There is no necessity that the Notification should contain such a condition. Once they are availing the benefit of Modvat credit, all the provisions relating to Modvat credit will apply to them. Rule 57H(7) of the Central Excise Rules, 1944 reads as under at the material time :- "A manufacturer who opts for exemptio....
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....or a manufacturer who opts for exemption from the whole of the duty under a Notification based on the value or quantity of clearance to pay an amount equivalent to the credit in respect of inputs lying in stock or used in any finished excisable goods lying in stock on the date of exercising option and the balance of credit, if any, still remaining shall lapse. The Appellants' matters are squarely ....