2003 (1) TMI 624 - AT - Central Excise

Summary

The appellate tribunal allowed the appeal by the appellants regarding Modvat credit on inputs consumed before opting out of the scheme. The tribunal disagreed with the Revenue's view of treating the consumed inputs out of non-modvatable inputs and held that the Modvat credit used by the appellants should not be deemed to have been lying in their stock. The impugned order was set aside, and the appeal was allowed with consequential relief to the appellants.