M/S. Paneshwar Steel and Agro Vs. Cce Chandigarh - Court Judgment

Excerpt:

.....giving the small scale exemption from 1.4.97. he submits that they had entered the credit of rs.3,72,243/- in their accounts but had not utilised the same. the appellants are willing to reverse this credit from the accounts for hearing the present appeal. shri m.m. dubey, dr submits that the matter has to be gone into in detail at the time of the final hearing. at this prima facie stage he leaves it to the bench to order for pre-deposit as considered fit in the case.2. after hearing both the sides and after going through the synopsis submitted by the learned advocate, we direct the appellants to reverse the modvat credit of rs.3,72,243/- (rupees three lakhs seventy two thousand two hundred and forty three) within a period of four weeks from today and then produce a certificate from the jurisdictional central excise authorities to that effect.3. to come up for noting the compliance and further orders on 10.7.2001.

Judgment:

1. For hearing this appeal M/s. Paneshwar Steel and Agro Industries Ltd. are required to pre-deposit amount of Rs.6,31,252/- and penalty amount of Rs.4,96,719/-. Shri Balbir Singh, Advocate submits that for the period 1.4.97 to 15.7.97 the appellants were eligible for the small scale exemption under Notification No.16/97-CE dated 1.4.97 and they duty availed of the benefit of this notification. When a new Notification 38/97-CE dated 27.6.97 was issued, the appellants from 16.7.97 wanted to avail the benefit of this exemption Notification. The department had denied them giving the small scale exemption from 1.4.97. He submits that they had entered the credit of Rs.3,72,243/- in their accounts but had not utilised the same. The appellants are willing to reverse this credit from the accounts for hearing the present appeal. Shri M.M. Dubey, DR submits that the matter has to be gone into in detail at the time of the final hearing. At this prima facie stage he leaves it to the Bench to order for pre-deposit as considered fit in the case.

2. After hearing both the sides and after going through the synopsis submitted by the learned advocate, we direct the appellants to reverse the modvat credit of Rs.3,72,243/- (Rupees three lakhs seventy two thousand two hundred and forty three) within a period of four weeks from today and then produce a certificate from the jurisdictional Central Excise authorities to that effect.

3. To come up for noting the compliance and further orders on 10.7.2001.