2002 (3) TMI 169

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.... payment of Customs Duty on the inputs imported by them under the relevant Customs Notification. They had been taking Modvat credit of the duty paid on inputs, used in the manufacture. 2. In and around December, 1996 and January, 1997, the Department entertained the view that under VBAL, the exporter should not at all have taken the input credit on any of the inputs used in the export product. The Department of Revenue issued a Public Notice on 3-1-97 notifying an 'amnesty scheme' under which the exporters operating under VBAL were given an opportunity to reverse the Modvat credit availed by them on the inputs used in exported products along with interest at 20% on or before 31-1-97. To avail the benefit of the 'amnesty scheme', they rev....

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....n-original and directed the Appellants to reverse the credit taken. On appeal the Commissioner (Appeals), Hyderabad, has upheld the order of the Deputy Commissioner. Hence this appeal. 7. We have heard both sides and find :- (a)     It is not in dispute that the Appellants had reversed credit in excess of what was required under the 'amnesty scheme'. It is also a fact that the Appellants did inform the Assistant Commissioner before taking the credit of the excess amounts originally reversal. The Appellants have therefore only, restored the credit of duty available to them in accordance with the law. They have made arithmetical and accounting corrections required for the maintenance of RG 23A book, as mandated by Ru....