1. This is an appeal filed by Assessee under Section 35G of Central Excise Act, 1944 against an order dated 21-4-2004 passed by Customs Excise and Service Tax Appellate Tribunal (for short Tribunal) in E/Appeal/No. 3715/2003-NB(c) which in turn arise out of an Order-in-Appeal No. 377/03 dated 14-7-2003 passed by Commissioner (Appeals) Central Excise, Indore.

Facts of the case lie in a narrow compass:

2. The appellant is a limited company engaged in the business of cotton yarn, cotton fabric and cotton polyester yarn. It is the case of appellant that they availed Modvat credit of the duty paid inputs during October 1998 to December 1998. However, since appellant during relevant time were also availing the benefit under EPCG Scheme by exporting their goods in order to fulfill their export obligation and hence there was hardly any sale of their finished goods indigenously. It was due to this reason, the appellant could not utilize the Modvat credit towards payment of excise duty.

3. The appellant therefore, filed a refund claim on 27-7-99 before Competent Authority-Assistant Commissioner under Clause 6 of appendix to notification issued under Rule 57F which provides for refund of