TMI Blog2000 (5) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... the manufacture of filament yarn and nylon filament yarn. The products of chapter sub-heading 5403.00 became eligible for exemption under Notification No. 1/93, dated 26-2-1993 as amended by Notification No. 90/94, dated 25-4-1994. Scrutiny of the records revealed that though Notification No. 90/94 was issued on 25-4-1994, the appellants were paying full duty and availing the benefit of modvat credit upto 6-6-1994. On coming to know of the amendment of Notification No. 1/93 on 6-6-1994 when they had cleared textured and non- textured yarn valued at Rs. 26,38,525.00 from 1st April, 1994 to 6th June, 1994. They claimed that they will be availing the benefit of exemption under Notification No. 1/93 as amended from 25-4-1994 to the extent of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in person. 4. Shri S.K. Das, ld. JDR submits that for the purpose of computing the aggregate value of clearance of production under Notification No. 1/93, the provision is very clear inasmuch as the clearances are to be taken during the financial year commencing from 1-4-1994. He submits that for this purpose even the clearances which were effected on payment of duty shall be taken for the purpose of computing the aggregate value of clearances. He submits that the exemption shall be applicable only w.e.f. 25-4-1994 inasmuch as Notification No. 90/94 was issued on 25-4-1994 and since there was nothing in the notification to show that it will be retrospectively applicable, it will be applicable only w.e.f. 25-4-1994. He submits that he ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has an option to either pay duty on the final products and take credit of duty paid on the inputs under the modvat scheme or avail exemption on the final products following the provisions of Rule 57C. In these circumstances, we hold that the assessee has an option either to avail exemption under Notification No. 1/93 as amended by Notification No. 90/94 either from 25-4-1994 or 6-6-1994. 9. Having regard to the above findings, the amount of duty shall have to be recomputed. This recomputation of the quantum of duty can be done only by the adjudicating authority, therefore, we consider it a fit case for remand. The case is, therefore, remanded to the Commissioner with the direction that he will recompute the quantum of duty i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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