2008 (11) TMI 525

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....t. [Order]. -  The appellants herein are engaged in the processing of cotton fabrics falling under Chapter 52 of the First Schedule to the Central Excise Tariff Act, 1985. By the Notification No. 25/2003, dated 25-3-2003, they were entitled to avail one time deemed credit on gray fabrics lying in their stock or in process or contained in finished goods lying in their stock as on 31-3-2003 (....

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....ed to refund in cash. I find that in the case of Slovak India Trading Co. Pvt. Ltd. v. CCE, Bangalore - 2006 (205) E.L.T. 956 (Tri. Bang.) the Tribunal has held that when assessee goes out of Modvat scheme or when company is closed, refund claim can be made in cash and the Tribunal's order has been upheld by the Hon'ble High Court of Karnataka as seen from 2006 (201) E.L.T. 559 (Kar.) = 2008 (10) ....