2006 (6) TMI 270

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..... 2. The appellants have taken Modvat Credit on Moulds used for manufacture of Steel Ingots. 50 per cent of the same was taken for the year 2000-2001, and the balance 50 per cent was taken in 2001-2002. There was no dispute that the Mould was used in the very first year and they were not existing in the possession of the appellants in the second year and hence the credit has been denied to the .....

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..... d Financial year, in view of the necessary legal provision being made only w.e.f. 1-10-2003, the orders passed by the Lower Authority denying the credit cannot be faulted with. However, considering the circumstances of the case, the penalty imposed by the Lower Authority is not justified and the same is set aside. The appeal is partly allowed. Dictated and pronounced in the open court.
Case .....

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