1980 (2) TMI 79

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....pplication as well as those urged during the personal hearing and have examined the records of the case. 2. The petitioners have contended that for the purpose of determining the base period in terms of para 2 of Notification No. 198/76, dated 16-6-1976 it is the date of first clearance of the specified goods on payment of Central Excise duty which should be taken into account and not the date ....

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....ancial year should not be taken into account, refers to the excess clearance for the purpose of granting the exemption under this notification and not to the determination of the base period under para 2. The plain meaning of para 2 of Notification No. 198/76 C.E. does not warrant the interpretation put on it by the petitioners. The very fact that even goods cleared without payment of Central Exci....