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2007 (7) TMI 321 - HIGH COURT OF JUDICATURE OF BOMBAYCenvat/Modvat credit - Whether the learned CESTAT is right in holding that the respondent/assessee can avail the Modvat credit on the furnace oil beyond the extent of 10% as prescribed in the Notification No. 5/94-C.E. (N.T.)? Held that:- In the light of notification under Section 112(1) held that no credit is admissible on any duty paid on high speed diesel oil at any time during the period commencing on and from 16-3-1995 and ending with the date the Finance Act, 2000 received assent of the President i.e. on 1-4-2000. Learned Assistant Solicitor General although claimed that high speed diesel oil was used as fuel in the reported case, he is not able to satisfy us that high speed diesel oil referred in Section 112 of Finance Act, 2000 can be equated with furnace diesel oil which is the input with which we are concerned in present appeal and we are unable to agree with him that because it is used as fuel it can be so equated, covered and governed by Section 112 of the Finance Act, 2000. The decision relied upon, we are of the view, is not applicable. Thus the substantial question of law as framed by us stands answered in the affirmative. Hence appeal is dismissed.
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