2004 (3) TMI 693

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..... [Order per : Jyoti Balasundaram, Member (J)]. The authorities below have confirmed the demand of duty of Rs. 8,60,077/- by disallowing Modvat credit of the above amount which was used for the clearances of integrated circuits manufactured by the appellants. The ground for denying the Modvat credit is that the inputs on which credit was originally taken were received prior to 16-3-95 while 4 .....

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..... the ld. SDR the word and has to be read as a conjunctive since the proviso stipulates that inputs should be received and used in the factory of production on or after 16th March, 1995. The use of the word and was necessary for the purpose of linking the inputs received with their use in the factory of production, which is required under the Modvat credit scheme. In view of the clear language .....

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