2005 (2) TMI 552 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, CHENNAI granted waiver and stay of recovery for CVD amount of Rs. 2,91,395 disallowed by lower authorities for CENVAT credit. The Tribunal found no dispute on CVD payment and utilization of imported components by the assessee. The denial was based on absence of Rule 57E in the statute book, but Tribunal allowed the benefit of Modvat credit as the substantive requirements were fulfilled. Waiver and stay were allowed for the amount.