2000 (4) TMI 519

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..... he appellants were availing Modvat credit facility up to 28-3-97. With effect from 1-4-97, they opted for availing complete exemption on their end-products under Notification No. 7/97, dated 1-4-97. In accordance with the provisions of sub-rule (7) of Rule 57H, they reversed the entire credit in balance in their RG 23A Pt-II account on this date and further paid an amount of Rs. 62,647/- in respec .....

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..... I have carefully considered the submissions of both the sides. The relevant provisions of Rule 57H provide that a manufacturer opting for complete exemption on the goods manufactured by him in the circumstances under consideration, shall be required to pay an amount, equivalent of the credit, allowed to him in respect of the inputs lying in stock or used in any finished goods lying in stock on th .....

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