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TMI Blog2000 (7) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... rahma Deva, Member (J)]. This stay application is filed by the applicants for waiver of pre-deposit of duty amounting to Rs. 45,90,900/- and stay of the recovery proceedings. 2. After hearing for some with reference to the stay matter we feel that the main matter itself can be disposed of on the limited issue. Accordingly, amount required to be deposited is dispensed with and the main matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of receipt of the goods is criteria to decide the issue on Modvat credit. The amendment to Rule 57Q restricting the credit to 75% for project imports would not affect the quantum of credit in respect of capital goods received prior to 1-3-1997. He submitted that the amendment to Rule 57Q is applicable in respect of the goods which are received after 1-3-1997. In this context, he referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Project Import regulations. However, he fairly conceded that the circular referred to by the other side was not considered by the Commissioner while adjudicating the case. 5. We have carefully considered the matter. As can be seen from the record the Circular referred to by the assessee was neither placed before the Commissioner nor same was considered. It was emphatically contended on be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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