2002 (3) TMI 170 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Chennai allowed Revenue appeals regarding Modvat credit on High Speed Diesel Oil due to an amendment in the Finance Act, 2000. Appeals by M/s. Sundaram Fasteners Ltd. and M/s. MRF Ltd. were dismissed as the issue was against them. The penalty was deemed set aside based on the explanation to Section 112 of the Finance Act, 2000 as per the Larger Bench judgment in Chemo Pulp Tissues.