2005 (5) TMI 494

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..... [Order per : C.N.B. Nair, Member (T)]. The appellant is a manufacturer of texturised yarn. It had accumulated input credit of over Rs. 27 lakhs up to 1-3-2000 when under Notification No. 11/2000, paragraph 7A was inserted in Rule 57H which had the effect of lapsing of the entire outstanding credit. All the same, the appellant used Rs. 19 lakhs credit for payment of duty during the period 1 .....

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..... he issue of show cause notice. 3.We have perused the records and heard the learned DR also. The judgment of the Apex Court in the case of Eicher Motors Ltd. would be of no avail to the appellant in view of amendment vide Finance Act, 1999 in Section 37B of the Central Excise Act. However, the appellant s submission that no penalty was warranted is required to be accepted in view of the decision .....

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