2005 (5) TMI 223

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..... ics on payment of duty on ad valorem basis and after availing the deemed credit in terms of the provisions of Notification No. 7/2001-Central Excise (N.T.), dated 1-3-2001. Vide Notification No. 16/2001 (N.T.), dated 30-4-2001 compounded levy scheme was introduced and the appellant opted for the same with effect from 1-5-2001. As per Rule 96 ZNB 7 (a) of the said compounded levy scheme, the same w .....

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..... assessees, who opted for compounded levy scheme to avail the Cenvat Credit. In as much as the appellant had opted for the said scheme, they could not use the credit for payment of duty. On the other hand, the appellants contention is that the option for the scheme was with effect from 1-5-2001, which did not apply to fabrics manufactured prior to 1-5-2001, but cleared thereafter. As such the debar .....

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