1998 (3) TMI 278

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..... eal is against disallowing Modvat credit amounting to Rs. 1,02,133.70 and imposition of penalty of Rs. 40,000/-. 2. In the impugned Order, it has been held that the Appellants had received certain items in their factory before 16-3-1995 and took credit on them in RG 23C Part II on 31-3-1995. It has been stated that Rule 57Q(2) of Central Excise Rules, 1944, provided that no credit of the specif .....

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..... d were used for manufacture/processing of the final product and, therefore, Modvat credit would be eligible to them. 5. Opposing the contention of the Appellants, Shri Sanjeev Srivastava, the ld. JDR, submitted that there was prohibition for taking Modvat credit on such goods before 16-3-1995 and, therefore, submitted that the lower authorities have rightly denied the benefit. 6. I have consid .....

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