9911796707
TMI Blog1995 (6) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... d by revenue against the order of the Collector of Central Excise (Appeals), Bangalore. The short point that falls for consideration is whether the respondents should be called upon to reverse the MODVAT credit taken in respect of the inputs lying unutilised and also those contained in the finished goods and the scrap generated at the end of the financial year after which the respondents had start ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xemption Notification 1/93 for the year 1993-94, they should be taken to have been covered by the parameters of notification from 1-4-1993. He pleaded that the exemption benefit under Notification 1/93 is available based on the clearances in a financial year and therefore the respondents notwithstanding their claiming the benefit of exemption Notification 1/93 should be taken to have been covered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find that in this case, the appellants had discharged their duty liability on the finished products by paying duty at the appropriate rate and in respect of inputs which was still availale, the entire amount taken as credit was reversed. In this case, the appellants have discharged their duty liability on the finished goods by paying the duty as required. It is only after the duty liability has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finished goods or in the scrap lying in the factory at that time. In the present case, before they availed of the benefit of Notification 1/93, as held by the learned lower authority, they had cleared all these goods from their factory on payment of the duty as applicable under the central excise law. He pleaded therefore none of these items can be taken to have been lying in the factory on the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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