2004 (12) TMI 93 - SUPREME COURT

Demand - Exemption vis-a-vis Cenvat/Modvat Credit - Held that:- The grievance of the appellant is that the appellant had wrongly availed of the Modvat credit and was liable to pay the sum amounting to Rs. 6,10,580/-. It is stated by the learned counsel appearing on behalf of the assessee that the excise duty paid and Modvat credit availed of were identical. Therefore the consequences of payment of excise duty after availing of Modvat credit was revenue neutral. - Decided against Revenue.