2006 (1) TMI 486

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....ellant. Shri S.S. Bhagat, SDR, for the Respondent. [Order per : S.S. Sekhon, Member (T)]. - Heard both sides in this application made for waiver and the pre-deposit requirements and stay of recovery thereof. The appellants are manufacturers availing Modvat credit and also are clearing goods at full exempted rates of duty. They have been asked to pay 8% of the amount of the price of the ex....

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....the finished goods which are otherwise exempt." (Emphasis Supplied)." The reading of the emphasised portion clearly indicates that it is an option of the assessee. In such circumstances as in this case whether they would opt to reverse the full amount of credit taken on the inputs used in the manufacture of fully exempted goods keep proper accounts and reverse the credit or to discharge duty af....