2014 (1) TMI 377

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..... ee had cleared the goods to their depots by debiting a particular transaction value and by reversing the amount which was equivalent to the original value of the inputs on which the same were received - the entire modvat credit availed by them was reversed – Following Eicher Tractors vs. CCE, Jaipur [2005 (9) TMI 340 - CESTAT, NEW DELHI ] – Decided against Revenue. - Appeal No. 2856 of 2005 - - .....

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..... the assessee has reversed the entire credit at the time of clearance from the factor to the depots. Adoption of assessable value by adopting the value on which the goods were cleared from the depots in terms of Rule 7 of the Valuation Rules is not justified inasmuch as it is not the assessee who has manufactured the goods. Accordingly, he had granted relief to the respondents. 4. We fully agree .....

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