1997 (5) TMI 237

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..... that falls for consideration in the appeal is whether the appellants were required to reverse the Modvat credit in respect of inputs which were contained in the finished goods which were lying in stock on the day the appellant opted for the benefit of Notification 1/93 and in respect of which the assessee has paid duty. The authorities below have held that when they opted for the benefit of Notifi .....

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..... (hereinafter referred to as the said Rules), from so much of the duty of excise leviable thereon which is specified in the said Schedule (read with any relevant notification issued under sub-rule (1) of the Rule 8 of the said Rules or sub-section (1) of Section 5A of the said Act, and in force for the time being as is equivalent to an amount calculated at the rate of 10 per cent ad valorem; He h .....

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..... dvat credit has been taken. Notification 1/93 also allows this benefit of exemption to a limited extent where inputs on which Modvat credit has been taken are used for the notified finished product. No provision has been brought to my notice whereby appellants could be compelled to reverse the Modvat credit. It is not the case of the revenue that goods could not have been cleared on payment of dut .....

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