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TMI Blog2015 (11) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... 33 of the Table annexed with the General Exemption Notification. The assessee, however, had utilized the MODVAT credit in the previous two years prior to 28.02.1999. As per the assessee, after the issuance of this notification, no such MODVAT credit was ever taken or utilized. Even the earlier MODVAT credit which was utilised was returned or paid back on 10.01.2005. In this We note that five-Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yaru, Sr. Adv., Mr. Rupesh Kumar, Adv., Mr. T. M. Singh, Adv., Mr. B. V. Niren, Adv., Mr. Jitin Singhal, Adv. And Mr. B. Krishna Prasad, Adv. For the Respondent : Mr. S. K. Bagaria, Sr. Adv., Mr. K. K. Mani, Adv. And Ms. T. Archana, Adv. ORDER Indubitably, the benefit of exemption Notification No. 5/99-CE dated 28.02.1999 is available subject to certain conditions and one of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve-Member Bench of the Tribunal in the case of 'Franco Italian Co. Pvt. Ltd. v. Commissioner' [2000 (120) ELT 792 (T-LB)] had taken the view that even if the MODVAT credit was utilised but, thereafter, refunded, it would amount to not utilising the said MODVAT credit. Same view has been taken by the High Court of Allahabad in 'Hello Mineral Water (P) Ltd. v. Union of India' [2004 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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