2005 (11) TMI 288

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....i K.L. Bablani JCDR, for the Respondent. [Order]. - This is an appeal filed by the appellants who are engaged in the manufacture of Texturised Polyster Filament Yarn against the Commissioner (Appeals) Order dated 28-11-2003. 2. In brief, the appellants had availed Modvat Credit on dyeing plant on 30-5-97 amounting to Rs. 3,90,000/-. However, w.e.f. 9-6-97 they filed a declaration for....

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....of Capital goods Credit cannot be denied on account of alleged non-entitlement of benefit of Exemption Notification No. 4/97. The availment of Capital goods Credit was governed by the provisions of Rule 57Q and there was no restriction in the said Rule for denial of Credit. Further, according to them, the Commissioner (Appeals) has failed to appreciate that the Capital goods Modvat Credit was issu....

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....heard both sides. In the present case the appellants had availed Capital goods Modvat Credit much before the amendment of the present Notification No. 4/97 and thus they are not at all at fault for availing the same. Now that the subsequent amendment made in the notification envisages the condition that to avail the exemption they cannot avail the Modvat Credit has given rise to the present issue.....