Admissibility of deemed credit on Iron & Steel Scrap lying in balance with assessees on 28-8-1986 Point No. 11 of the Monthly Modvat meeting held at Pune on 23-6-1989 regarding - Central Excise - 263/46/89-CX.8

Admissibility of deemed credit on Iron Steel Scrap lying in balance with assessees on 28-8-1986 Point No. 11 of the Monthly Modvat meeting held at Pune on 23-6-1989 regarding F. No. 263/46/89-CX.8 Dated 1-9-1989 Subject : Admissibility of deemed credit on Iron Steel Scrap lying in balance with assessees on 28-8-1986 Point No. 11 of the Monthly Modvat meeting held at Pune on 23-6-1989 regarding. I am directed to invite your attention to the inputs of Point No. 11 of the Monthly Modvat meeting held at Pune on 23-6-1989 regarding availability of deemed credit on Iron Steel Scrap lying in balance with the assessees on 28-8-1986. 2. The matter has been examined by the Board. Prior to 29-8-1986, deemed credit was available on Steel Scraps without producing duty paying document. However, aforesaid facility has been withdrawn w.e.f. 29-8-1986 on Scraps. Therefore credit on Steel Scraps can be only taken on production of duty payment document w.e.f. 29-8-1986. Since scrap as well as final products remain notified under Modvat scheme prior to and after 29-8-1986, deemed credit allowed under previous order dated 7-4-1986 lying in his balance on 28-8-1986 can be permitted to be availed for payment of duty on final products. 3. The Trade and field formations may be advised suitably. 4. Receipt of this letter may please be acknowledged.