2004 (11) TMI 112

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....hese appeals is whether an assessee is bound to avail of exemption or can forgo the same in order to avail Modvat credit. The assessee, relying upon a trade notice dated 11th March, 1988 issued by the Central Excise and Customs Collector, did not avail of an exemption granted under Exemption Notification No. 53/88 dated 1st March, 1988. The trade notice stated that it was the option of the assesse....

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....sued to the respondent on 19th July, 1991 for recovery of the Modvat credit which had been utilised by the assessee. The demand raised in the show cause notice was confirmed by the Assistant Collector. The appeals preferred by the assessee were rejected by the Collector of Central Excise. However, the Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) reversed the findings of the Depart....