2003 (10) TMI 508

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..... [Order]. Appellants M/s. Pepsico India Holdings Private Ltd. are engaged in the manufacture of aerated water. They imported sugar which is one of their inputs. At the point of import, they availed credit of basic excise duty as modvat. In August 2000, they removed 210.47 Qtls. of imported sugar for sale to a local customer. At the point of clearance of the imported sugar, the appellant, .....

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..... ctory. Their submissions before the Adjudicating Authority failed. 2. Consequently, demand of Rs. 77,865/- for AED and Rs. 29,463/- against cess was confirmed and penalty of Rs. 5,000/- was also imposed. In Order-in-appeal, the Commissioner has confirmed duty demand, whereas penalty was set aside. 3. Appellants have strongly pleaded that, their case is covered by the judgment of the Larger Ben .....

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..... and it was held that the credit reversal would be with reference to the credit taken at the point of receipt of the inputs, following the ratio of the of the Larger Bench s decision in the case of Asia Brown Boveri Ltd. (Supra) which was with reference to the provisions of Rule 57F(1)(ii). 5. Therefore, I hold that the orders of the lower authorities are not sustainable and the appeal deserves t .....

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