1994 (11) TMI 243 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Bombay required the appellants to deposit Rs. 5,32,044.25 towards duty for the appeal related to denial of Modvat credit on moly wire. The Board's clarification considered moly wire as a consumable, making Modvat credit admissible. Despite holding the issue in favor of the Revenue, denial of Modvat credit was not justified due to the Board's clarification, leading to a grant of stay and waiver of duty recovery.