HC
directs reversal of input credit against clearance of aluminium castings under
claim of duty remission by buyer for use in specific industrial process, in
terms of Chapter X r/w Rule 57C of Central Excise Rules 1944; Notes
Adjudicating Authority’s finding that assessee was reversing credit initially
but resorted to jugglery subsequently, and since goods cleared under Chapter X
procedure had not suffered any duty payment, MODVAT credit was reversible;
Rejects assessee’s contention that choice of buyer to either claim MODVAT
credit of duty paid or claim remission doesn’t make the goods exempt or
chargeable to nil rate of duty; Relies on Kirloskar Oil Engines decision
wherein it was held that MODVAT Credit in respect of inputs, which have been
used in manufacture of final product that is fully exempted from whole of
excise duty, is not available; States that since assessee had cleared goods
without payment of duty, the case was covered by aforesaid decision, thus
credit taken on aluminium ingots (inputs) was incorrect : Bombay HC
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