2005 (2) TMI 704 - AT - Central Excise

Summary

The case involves denial of Modvat credit and penalty imposition on manufacturer M/s. Sri Ranganathar Industries. The dispute is about the difference in description of purchased and sold materials. The tribunal rules that the input receiver can claim credit equivalent to duty paid, regardless of nomenclature differences. Pre-deposit of credit amount and penalty is waived, and recovery is stayed pending appeal.