2000 (11) TMI 174

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....issioner (Appeals). Brief facts of the case are that respondents were availing benefit of Modvat credit in respect of inputs used in the manufacture of their final product. From 1-4-1997, the appellant started availing the benefit of small scale exemption and opted out of the Modvat scheme. The respondents when opted out of the Modvat scheme are required to reversed credit taken on the inputs lyin....

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....hat as the credit has been taken by the respondents on the inputs contained in the waste, therefore, the respondents are required to reversed that credit also. 3. Learned Counsel appearing on behalf of the respondents submits that the respondents are required to reverse the credit on the inputs lying in stock or used in any finished goods lying in stock when they opted out of the Modvat scheme.....

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....nished excisable goods lying in stock on the date when such option is exercised and after deducting the said amount from the balance, if any, lying in his credit, the balance, if any, still remaining shall lapse and shall not be allowed to be utilised for payment of duty on any excisable goods, whether cleared for home consumption or for export." 6. The provisions of this rule clearly says that....