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TMI Blog2018 (2) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... ies [2003 (3) TMI 104 - SUPREME COURT OF INDIA], where it was held that when the value of the finished goods, which are exempted under different notifications, is to be excluded, while arriving at the aggregate value of clearance for the purpose of volume of the benefit of notification No. 175/86, having regard to the wording of Explanation II thereof - appeal allowed - decided in favor of appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MODVAT credit was availed on the input. Plastic bags were also exempted from excise duty as per the said Notification No. 4/97. 3. During the period under consideration, LFT and plastic bas are covered under SSI exemption scheme as per notification No. 16/1997 dated 01/04/1997 as amended from time-to-time. Since the intermediate goods were used for final products which were cleared without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, the appellant has filed presentappeal. 5. With this background we heard Shri A.M. Chitnis and Shri H.M. Dixit learned representative of the parties. 6. After hearing both the parties and on perusal of the record, it appears that during the period under consideration the appellant has not crossed the limit of the SSI exemption. The case is squarely covered by the ratio laid down by the H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In this case, as the finished goods are, admittedly, exempted under Notification Nos. 155/1986, 160/1986 and 124/1988, the value of the exempted finished goods will have to be excluded in arriving at the aggregate value for the purposes of the notification. 8. Now, coming to Explanation III, it provides that where inputs which are specified goods, are used within the factory of production ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready been dealt with, there is no reason why the value of the same inputs again be added for the purposes of aggregate value. It follows that the assessee would be entitled to the benefit of Explanation III while computing the aggregate value for the purposes of availing exemption under the notification. 7. Following the ratio laid down by the Hon ble Supreme Court, we find no reason to susta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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