TaxTMI 
TaxTMI 
2004 (12) TMI 95
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....he assessee holding that in previous decisions rendered by the Tribunal, it was decided that Modvat credit is available to high speed diesel oil used as fuel for generation of electricity which in turn is used for running cement plant. By order of which review is sought, it was held that the Tribunal was fully justified in arriving at the conclusion that the assessee was entitled to get the benefit of the Notification till Rule 57B was amended. 3.By this petition it has been pleaded that inadvertently the attention of the Court was not drawn to the provisions of Section 112 of the Finance Act, 2000. Section 112 reads as under : "112. Validation of the denial of credit of duty paid on high speed diesel oil. - Notwithstanding anything conta....
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....en taken or utilised but which would not have been allowed to be taken or utilised, if the provisions of sub-section (1) had been in force at all material times, within a period of thirty days from the date on which the Finance Act, 2000 receives the assent of the President and in the event of non-payment of such credit of duty within this period, in addition to the amount of credit of such duty recoverable, interest at the rate of twenty four percent per annum shall be payable, from the date immediately after the expiry of the said period of thirty days till the date of payment. Explanation - For the removal of doubts, it is hereby declared that no act or omission on the part of any person shall be punishable as an offence which would not....