2003 (10) TMI 175

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..... (J)]. - After hearing both sides on the application for waiver of pre-deposit of duty of Rs. 31,87,359/- and penalty of Rs. 10 lakhs we find that it was possible to decide the appeal itself at this stage as the issue in dispute is covered by two circulars of the CBEC. Hence after waiving pre-deposit of duty and penalty we proceed to hear and dispose of the appeal with the consent of both sides. 2 .....

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..... 2002-CX., dated 26-9-2002 is also relevant, which clarifies that Cenvat credit should not be denied on capital goods used in the manufacture of intermediate goods exempt from payment of duty which are used captively in the manufacture of finished goods chargeable to duty. In other words these circulars clarifies that even if the intermediate product is exempt from payment of duty, as long as the f .....

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