2003 (3) TMI 121

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....re as follows :- The appellants are manufacturers of black and white picture tubes which they export under a bond. For the manufacturing of black and white picture tube, they use inputs on which duty is paid by them. Under the Modvat scheme, which was then in existence, they were entitled to credit for the duty paid against duty payable on the final product which is used for home consumption or on final product which is exported after payment of duty or where such adjustment is not possible to a refund of the duty. 3.It is an admitted position that the appellants had paid duty on the imports. It is admitted that the appellants had credit available to them. In Civil Appeal No. 6493 of 2000, they exported under bond in January and Febru....

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....cisable goods, whether cleared for home consumption or for export; Provided that nothing contained in this clause shall apply to credit of duty, if any, in respect of inputs lying in stock or contained in finished products lying in stock on the first day of March, 1997." 5.The appellants filed claims for refund on 7th April, 1997 and 11th July, 1997. Those claims for refund were rejected on the ground that under the amended Sub-rule 17 credit had lapsed and that the same could not be allowed. This view prevailed with the CEGAT which has, by the impugned orders, dismissed their appeals. 6.Before us, reliance is placed upon a three Judge Bench decision of this Court in the case of Eicher Motors Limited v. Union of India reported in 1....

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.... product. It is held that if such a situation is sought to be altered necessarily it follows that right which accrued to a party gets affected. It is held that the Scheme sought to be introduced cannot be made applicable to the goods which had already come into existence in respect of which the earlier Scheme was applicable and under which the assessee had availed of the credit facility for payment of taxes. It is held that the right which accrued to the assessee on the date when they paid the taxes would continue until the facility available thereto gets worked out or until those goods existed. It is held that the amended sub-rule could not be applied to the goods manufactured prior to 16th March, 1995 (date on which sub-rule 4A came into ....