2000 (3) TMI 728

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..... ]. - The appellants were availing Modvat facility upto 31-3-1997 w.e.f. 1-4-1997, they opted for exemption under Notification No. 7/97, dated 1-4-1997. As per the provisions of Rule 57H(7), they reversed the credit Rs. 3,466.00 in their Modvat accounts (for inputs and capital goods) and made a debit entry of Rs. 2,23,074/- in their PLA in respect of inputs lying in stock and those contained in t .....

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..... (7), manufacturer who opts for availing exemption from the whole of duty of excise under a notification based on the value or quantity of clearance in the financial year and who has been availing of Modvat credit on inputs shall be required to pay an amount equivalent to the credit allowed to him in respect of inputs lying in stock or used in finished excisable goods lying in stock on the date whe .....

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..... o cover the credit of duty availed on the inputs lying in stock or used in any finished goods, the balance will have to be paid in cash. Thus the payment of Rs. 2,23,074/- made by the appellants is entirely as per these provisions and the refund claim of this amount has been rightly rejected. 5. In the result the appeal fails and the same is dismissed.
Case laws, Decisions, Judgements, O .....

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