2000 (3) TMI 728 - AT - Central Excise

Summary

The appellants opted for exemption under Notification No. 7/97 dated 1-4-1997, reversed credit in Modvat account, and filed a refund claim which was rejected. The Tribunal upheld the rejection, stating that payment must be made if Modvat credit is insufficient to cover duty on inputs in stock or finished goods. The appeal was dismissed.