JUDGMENT

Bharucha, J.-These appeals challenge the correctness of a judgment and order of the Customs, Excise & Gold (Control) Appellate Tribunal. The Tribunal had before it the Revenue s appeals against orders of the Collectors (Appeals) in the cases of a number of assessees, of which the appellants were two. The Tribunal reversed the orders of the Collectors and held that the collection of special excise duty on clearances on or after 1st March, 1988, of goods which had been manufactured prior to that date was valid.

2. Special excise duty is levied under the provisions of the Finance Acts. There was no levy for a long period of time of special excise duty until it was levied with effect from 1st March, 1978, under the provisions of Section 37 of the Finance Act, 1978, which read thus :

"(1) In the case of goods chargeable with duty of excise under the Central Excise Act as amended from time to time, read with any notification for the time being in force issued by the Central Government in relation to the duty so chargeable there shall be levied and collected a special duty of excise equal to five per cent of the amount so chargeable on such goods.

(2)