2003 (3) TMI 629

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..... hatnagar, JDR, for the Respondent. [Order]. - Examined the records and heard both sides. 2. Both the authorities below have disallowed Modvat credit to the extent of Rs. 79, 534/- taken by the appellants in February, 1998 on the ground that the inputs had not been received in the factory. A penalty of equal amount has also been imposed on the party under Rule 57-I(4) read with Rule 173Q. .....

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..... dispute in relation to the admissibility of the Modvat credit. The credit taken by the party was not admissible to them because the inputs were not received in their factory and utilized in the manufacture of final product as required under Rule 57A of the Central Excise Rules, 1944. In fact, the credit has been reversed voluntarily. Thus the department's allegation that the appellants had irregul .....

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