TaxTMI 
TaxTMI 
2008 (4) TMI 562
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.... [Order per : P. Karthikeyan, Member (T)]. - M/s. V.R. Foundries, Coimbatore has filed this application for waiver of pre-deposit and stay of recovery of Rs. 21,39,124/-, interest due thereon demanded from them and penalty of Rs. 50,000/- imposed on them under Rule 173Q of the Central Excise Rules, 1944. After hearing both parties on the stay application, we dispense with the requirement o....
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.... good, cleared by V.R. Foundries during the material period January, 2001 to March, 2001. 3. Reiterating the grounds in the appeal, the ld. Consultant for the appellant submits that the case against the appellant found in the orders of the lower authorities to demand 8% of the price of the exempted final product is not that the appellant had not maintained separate accounts of receipt, consu....
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....nal product and the quantity of inputs used in the manufacture of exempted goods. The appellant had availed Modvat credit only in respect of inputs which had been received and used in the production of dutiable final product. The assessee had maintained separate accounts of receipt and inventory of scrap meant for use in the production of exempted goods on the basis of actuals. The issues of input....