2007 (11) TMI 531

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..... [Order]. After dispensing with the condition of pre-deposit and penalty, I proceed to decide the appeal itself. 2. The dispute relates to the Modvat credit available to the textile w.e.f. 1-4-03, in respect of stock lying as on 31-3-03. The appellants filed a declaration on 7-4-03, declaring such stock which was subsequently revised on 16-4-03 and again revised on 22-4-03. As per the appel .....

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..... ich was April, 2003 was subsequently changed as June, 2003. As such, the assessees could revise declaration, when there is a reasonable cause for doing so. Instead of rejecting the appellant s claim on this short ground, the authorities below should have verified the claim as regards the stock position as on 31-3-03. 4. In view of the above, I set aside the impugned order and remand the matter t .....

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