2001 (11) TMI 734

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..... ngh, SDR, for the Respondent. [Order per : G.R. Sharma, Member (T)]. - These three appeals though arising out of different orders pertain to the same issue and therefore, they were heard together and are being disposed of by this common order. 2. The facts of the cases are that the appellants are engaged in the manufacture of iron and steel products. They were taking deemed Modvat credit .....

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..... ese invoices, the appellants had taken Modvat credit. He submits that only interest was payable. He submits that there was no provision about payment of interest in the notification so as to be ineligible for availing deemed Modvat credit. He submits that this very issue came up earlier before the Tribunal in the case of Apex Ispat Pvt. Ltd. and this Tribunal in the Stay Order No. S/368/2001-NB, d .....

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..... y but only interest. We find that Notification No. 58/97 under which the appellants had availed deemed Modvat credit talks of payment of duty and does not talk about payment of interest etc. In the circumstances, the disallowance of deemed Modvat credit is not sustainable in law. In this view of the matter and also following the ratio of the judgment of this Tribunal in the case of Apex Ispat Pvt. .....

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