2001 (7) TMI 549

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..... deration of Stay Application. Since the issue involved is simple and narrow in scope, the appeal itself is taken up for consideration after dispensing with the requirement for pre-deposit. 2. The appellants are manufacturers of welding electrodes. They took Modvat Credit on the inputs. The Modvat Credit was also available since the final product was not wholly exempt from duty. In May, 1995 they .....

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..... inal products would be cleared to the Naval Authorities without payment of duty. Further, the law relating to requirement for reversal of credit in such cases was not clear inasmuch as the Tribunal had held in the case of CCE v. Premier Tyre Ltd., reported in 1992 (62) E.L.T. 104 (T) that in such cases also Credit would be available on inputs. The legal position got settled only subsequently with .....

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