1993 (9) TMI 191

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..... araraman, Member (T)]. Shri S.K. Bagaria, learned Counsel for the petitioners states that the Miscellaneous Application arises in connection with the appeal filed by the appellants M/s. Usha Martin Industries Ltd. The authorities have directed them to make cash payment for the Modvat credit availed by them in respect of inputs like Ramming Mass. They had actually reversed the amount in quest .....

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..... nst the judgment in the Singh Alloys case before the Division Bench of the Calcutta High Court. 3. In his rejoinder, Shri Bagaria points out that no stay has been obtained from the High Court against the judgment and the same is operative. 4. We have considered the submissions. When the Modvat Credit alleged to have been wrongly taken has been reversed by the appellants by debit to their RG 23 .....

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..... d then take credit of equivalent amount in RG 23A Part II Account. The anomaly or rather the irony will be that the credit of duty sought to be disallowed will be resurrected for being used for payment of duty on the final products. In other words, the amount expunged from the RG 23A Account by the appellants themselves in the earlier proceedings is accorded a red carpet treatment for being welcom .....

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