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2015 (1) TMI 581 - HC - Central ExciseUtilization of accumulated money credit lying in its RG 23B, Section 38A-Effect of amendments, etc., of rules, notifications or orders, Part-II by representatives - The Central Excise authorities in case of vanaspati manufacturers including the petitioner-company disallowed use of accumulated money credit for discharging duty liabilities on vegetable/vanaspati products on the ground that the notifications allowing money credit stood rescinded with effect from 25-8-1989. - Held that:- vested right has accrued in favour of the manufacturers and that the money credit was a monetary right earned by the manufacturers on purchasing and utilizing unconventional/minor oils and for that the manufacturers had changed the manufacturing process and plants hoping to get money credit, and therefore, the aforesaid right cannot be taken away due to rescinding of the notification. - manufacturers were entitled to utilize the accumulated money credit in terms of the notification and the Money Credit Scheme. Further, the learned Single Judge rejected the claim of the manufacturers to get the accumulated money credit in cash. It is reported that against the said decision both the Revenue as well as the manufacturers had approached the Supreme Court and the Supreme Court dismissed both the Special Leave Petitions [2005 (3) TMI 746 - SUPREME COURT]. Therefore, the view taken by the Calcutta High Court [2004 (6) TMI 46 - HIGH COURT AT CALCUTTA] that the manufacturers were entitled to utilize the accumulated money credit has been upheld by the Supreme Court. In view of the above, the action on the parts of the respondents in restraining the petitioners from utilizing the accumulated money credit lying in RG-23B as on 21-7-1996 cannot be sustained and consequently any further order trying to recover the same also deserves to be quashed and set aside. - Respective petitioners are entitled to utilize the accumulated money credit lying in their RG-23B register, accumulated as on 21-7-1996 - Decided in favour of assessee.
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