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TMI Blog2006 (11) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order]. The appellant challenges the order of the Commissioner (Appeals) made on 28-6-2006 upholding the order-in-original by which the Deputy Commissioner disallowed Cenvat credit of Rs. 3,48,154/- and ordered its recovery from the appellant with interest while imposing penalty of Rs. 10,000/- only. 2. The appellant was engaged in the manufacture of M.M. Fabrics falling under Chapter 55 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of fabrics does not appear to be admissible. 3. The learned Counsel appearing for the appellant contended that from the Notification No. 35/2003, dated 10-4-2003 and No. 25/2003, dated 25-3-2003, the intention of the Legislature was clear to the effect that the value of the goods found in stock required to be declared thereunder would include the processing costs. 4. The learned Authorised R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... twithstanding sub-rule (1), the manufacturer, etc. referred to in the said sub-rule who was unable to produce documents evidencing actual payment of duty, shall be entitled to avail credit calculated in a manner referred to in the sub-rule (3) on input falling under Chapters 50 to 63 of the First Schedule to the Tariff Act, lying in stock or in process or contained in finished products lying in st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as may be notified by the Central Government in this behalf, have regard to the average price of such inputs, and the applicable rate of duty and quantity of inputs as declared by the assessee under sub-rule (2). It appears from the above provision that average price of inputs was required to be taken into consideration. The fact that there was an obligation on the part of the assessee, who d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a sound basis and for valid reasons. The penalty of Rs. 10,000/- imposed also does not warrant a stay. The application is, therefore, rejected. However, on the appellant depositing the entire amount payable under the impugned order, within six weeks from today, the appeal will come up for hearing in its due course. If the amount is not so deposited, the appeal will stand dismissed. Post the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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