( 1 ) BY this petition under Article 226 of the Constitution of India the petitioner challenges an order dated 12th August, 1994 passed by the Collector (Appeals), Customs and Central Excise, ghaziabad whereby he dismissed the petitioners Appeal No. 116-C. E. /mrt/94 as barred by limitation.

( 2 ) THE petitioner is a manufacturer of audio cassettes which was an excisable item up to 16th may, 1990. By Notification No. 117/90, dated 16-5-1990 audio cassettes were exempted from excise duty. The petitioner was using certain excisable goods as inputs in the manufacture of the said audio cassettes and was claiming credit for the excise duty paid on those inputs under the modvat (Modified Value Added Tax) Scheme. On 17-5-1990, the date on which the audio cassettes ceased to be an excisable item, the petitioner had certain such inputs in stock in respect of which it had claimed credit of a sum of Rs. 1,97,243. 15 paise by crediting the same in the petitioners personal ledger account (hereinafter referred to as the PLA) maintained under the central Excise Rules. After the audio cassettes became exempt from excise duty it adjusted the pla account by debiting the said sum of