TMI Blog2003 (2) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... Caprolactum. It was also a condition of the notification that the appellant should not have availed Modvat credit on the inputs used in such exports. The appellant discharged the export obligation during the period 1994-95. The production for export and domestic sales of Caprolactum was made from common inputs on which Modvat credit had been taken. Since the notification forbade Modvat credit in respect of inputs used in the export goods, the appellant reversed an amount of about Rs. 80 lakhs in 1994-95. On 17-1-97 the appellant received a letter from the jurisdictional Superintendent of Central Excise informing them that in terms of Trade Notice No. 5/97, dated 7-1-97 and Trade Notice No. 10/97, dated 14-1-97 the appellant was required to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the reversal of credit must be made under amnesty scheme formulated by the Central Board of Excise and Customs and the appellants claim for dealing with the question of reversal of credit on the basis of estimated Modvat credit in respect of inputs used in the exported goods cannot be accepted as the same is contrary to the formula indicated in the amnesty circular. 2. The appellants maintain that their request for reversal of credit on the basis of actuals was in conformity with the circular and that the lower authorities were in error in holding to the contrary. Learned Counsel for the appellants has, in this connection referred to Circular No. 318/34/97-CX, dated 26-6-97 of the Central Board of Excise and Customs and pointed out t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputed by the Revenue is in excess. It is only seeking the quantum of credit to be reversed be fixed in terms of the Circular No. 318/34/97, dated 26-6-97, issued by the Board. That circular relates to issue of certificate confirming the reversal of credit to individual exporters. Para 4 of the circular states as under : "In the cases where credit is reversed on actual basis, such certificates should be issued only after verification of the records of the exporter by a Cost Accountant nominated by the Chief Commissioner under Section 14A of the Central Excise Act, 1944." It is evident from the circular that the reversal of credit may be done either under the formula prescribed in the circular dated 10-1-97 or on "actual basis". Export o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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