LLOYD STEEL INDUSTRIES LTD. Vs. CCE

JUDGEMENT

(1.) The impugned order has been passed by Commissioner of Central Excise, Nagpur, disallowing modvat credit of Rs. 32,87,229/ - on Refractory bricks, Nozolex, Sleeva, Grinding Wheels, Grease, lubricating oils, Houghto safe and Transformer oil and imposing a penalty of Rs. 3 Lakhs on the appellant. Shri V.K. Jain, Learned Chartered Accountant appearing for the appellants states that the goods in question are eligible for modvat credit and relied on the following case laws: - -

(2.) Shri M.H. Shaikh, Learned D.R. appearing for the Revenue fairly concedes that all the goods in question are covered by the decision of the Larger Bench of C.E.G.A.T. in the case of Union Carbide India Ltd. v/s. CCE, Calcutta -I, 1996 (86) ELT 613 (Tribunal). We have heard both sides and perused the records. In view of the fact that the items in question are eligible for modvat credit in terms of the earlier decisions of C.E.G.A.T. cited above and this is confirmed by the Revenue, we allow the appeal and set aside the impugned order with consequential relief.