2006 (2) TMI 358

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....ed against the denial of Modvat credit of about Rs. 1.4 lakhs. 2. I have perused the record and heard the learned SDR. The appellant has not appeared for hearing but has filed a written submission. The same is also being taken into account. 3. The relevant facts are that the appellant is a manufacturer of iron and steel, bars, rods etc. It was availing Modvat credit on "inputs". While ....

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....he Commissioner (Appeals) noted that unutilized credit had to lapse and could not be carried forward under any circumstances since the input in question had been utilized for production of exempted good 4. The contention of the appellant in the present appeal is that there is no bar to carrying forward of the Modvat credit. Reliance has also been placed on the decision of this Tribunal in th....