2012 (11) TMI 680

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..... brics lying in stock with a dealer who sells processed fabrics (after getting it processed on job work by an independent processor) are stock of inputs and not stock of finished goods - When the notification makes no distinction between the dealer and the manufacturer for the purpose of credit, it is not proper to restrict the higher credit to stocks of grey fabrics with a person registered as man .....

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..... Commissioner (Appeals) has taken the view in the case of respondent holding that the inputs lying in stock have to be treated as input only and his observations as contained in Para 9 of this order are reproduced below. 9. The issue in this appeal is interpretation of Notification No 35/2003 C.E. (N.T.). The terms input lying in stock, finished goods lying in stock, have not been defined in th .....

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..... distinction between the dealer and the manufacturer for the purpose of credit, it is not proper to restrict the higher credit to stocks of grey fabrics with a person registered as manufacturer only. The assessee dealer is entitled to credit, treating grey fabrics as input. 3. Since I find that these observations are required to be upheld since I find myself in agreement with the view taken by .....

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