2004 (10) TMI 157

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....below denied to the appellants Modvat credit of Rs. 3,40,200/- on capital goods used for the manufacture of Carded/Combed Cotton, which was, in turn, captively used in the manufacture of Cotton Yarn, which was ultimately cleared on payment of duty. The credit was denied on the premise that Carded/Combed Cotton was an excisable intermediate product chargeable to 'Nil' rate of duty under the Tariff ....