2005 (3) TMI 267

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..... As the issue involved in this appeal, filed by M/s. Colts Auto Ltd. is in narrow compass, we stay the recovery of the entire amount of Modvat credit disallowed to them and penalty imposed on them. We heard Shri Bipin Garg, learned Advocate, for the appellants and Shri Vipin Verma, learned JDR for the Revenue. 2. The appellants are manufacturing motor vehicle parts and are availing of Modvat credi .....

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..... on inputs ignoring minor procedural lapses in filing the declaration or in the invoices based on which the credit has to be taken if the Assistant Commissioner is satisfied that inputs have suffered duty and are being used in the process of manufacture. In the present matter, it has not been disputed that the inputs have suffered duty and the same have been used in the manufacture of final produc .....

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