2005 (12) TMI 479

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.... Shri Prakash Shah, Advocate, for the Respondent. [Order]. - Heard both sides. The issue involved in this appeal is whether credit of input duty on LDO lying in stock unused on 1-3-2003 should be reverted in view of withdrawal of Modvat credit on LDO from that date. The lower appellate authority has allowed the credit based on the ratio of the Hon'ble Karnataka High Court decision in the ....

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.... Modvat scheme. However, I am unable to allow the applicant Commissioner's appeal for the reason that there is a contrary decision of the Hon'ble Karnataka High Court in the case of Grasim Industries Ltd. v. CBE&C (Supra) on this very issue and the department's SLP against the same has been dismissed by the Hon'ble Supreme Court vide 2004 (170) E.L.T. A306 (S.C.) and subsequently, the department i....