2015 (10) TMI 684

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..... and the Tribunal took uniform view that the petitioner is not entitled to the Modvat credit. - high speed diesel utilized by the petitioner in generating power can be treated as one of the inputs for manufacture of the end product, viz., cement. However, not every item, which suffered Excise duty, which goes into the manufacture of item, would qualify for the Modvat credit. Rule 57B of the Central .....

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..... to the Modvat credit for the high speed diesel oil used by it for generation of captive power for its cement plant. The Assessing Officer, the Appellate Commissioner and the Tribunal took uniform view that the petitioner is not entitled to the Modvat credit. They contend that Section 112 of the Finance Act, 2000 (for short the Act ) is only clarificatory in nature and it does not have any retros .....

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..... to deny credit of the duty paid on high speed diesel oil when used in the manufacture of excisable goods with retrospective effect from the 16th day of March, 1995. It was never the legislative intention to permit credit of duty paid on high speed diesel oil. The clause also seeks to validate the action taken in the past on this basis. This amendment has become necessary to overcome certain judici .....

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