1999 (1) TMI 150

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..... ue appeal arising from Order-in-Appeal No. 44/92-C.E., dated 19-12-1992. The Commissioner set aside the order-in-original passed by the Assistant Commissioner holding that Modvat credit of Rs. 2,44,318.00 (B.E.D.) and Rs. 12,206.00 (S.E.D.) in respect of credit taken on inputs which were in stock and contained in the finished product within the factory premises on the date on which the finished go .....

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..... judgment in the case of Wipro Information Technology as reported in 1988 (33) E.L.T. 172; Sri Sarvaraya Sugar (Bottling Unit) Ltd. as reported in 1992 (59) E.L.T. 125 (Tribunal) = 1991 (37) ECR 617; V.B.C. Industries Ltd. as reported in 1992 (42) ECR 479. 2. In this appeal, Revenue submits that it would be an abberation to take credit with respect to goods which are not covered by the Modvat .....

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..... as has been held in C.C.E. v. Wipro Information Technology. Even in the case of C.C.E. v. V.B.C. Industries, the Tribunal held that there is no provision under Modvat Rules for reversal of credit attributable to inputs laying in stock at the time of withdrawal provided the credit had been correctly availed and utilised. The Revenue is pressing the judgment of the Supreme Court rendered in the cas .....

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