2006 (9) TMI 52

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..... 2005 - Final Order No. 762/2006-EX(PB), - Dated:- 15-9-2006 - [Order per : C.N.B. Nair, Member (T)]. - Heard both sides and perused the records. 2.The appellants manufacture automobile steering system and supply them to car companies. Parts for manufacture are procured and Modvat credit is taken. During the periods 1999-2000 and 2002-2003, some of the credit taken parts were not put to use in .....

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..... f credit and penalty followed. The present appeal challenges those actions. 5.Submission of the learned Counsel is that the very issue had come before this Tribunal in the case of Rico Auto Industries Ltd. v. CCE, New Delhi-III reported in 2003 (157) E.L.T. 170 and in many other cases, and the Tribunal has held that the demands are not justified as the input credits taken remained returned in so .....

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