JCT LTD. Vs. CCE

JUDGEMENT

(1.) HEARD both sides.

(2.) COMMON issue involved in these appeals, therefore, are being taken up together.

(3.) THE brief facts of the case are that the appellants are engaged in the manufacture of dyed yarn. With effect from 1.3.1997. The duty was imposed on their finished product i.e. dyed yarn. In view of this, the appellants filed application under Rule 57H of Central Excise Rules for availing the credit in respect of the inputs lying in stock as well as the inputs which are used in the manufacture of final product which is lying in stock. The appellant also claimed be benefit of Modvat credit in respect of inputs which are under process at the time the duty was imposed. The appellant simultaneously also availed the credit of Rs. 11,24,562/ -.