Per G.R. Sharma :

M/s. Binani Cement Ltd. have filed the captioned appeal being aggrieved by the impugned order dated 20th June, 2001 passed by the learned Commissioner (Appeals) holding as under :

"In the present case, the capital goods falling under Chapter Heading 84.74 were admittedly received during the period 23.7.96 to 31.8.96 when they were specifically excluded from the ambit of Rule 57Q in terms of Notification No. 14/96-CE (NT) dated 23.7.96. Once they were ineligible from taking of modvat credit on the date of receipt they can not under any circumstances become eligible on the date of taking credit as the question of eligibility arises with reference to the law prevailing at the time of receipt of the goods as mentioned above and can not be postponed to a later date. Hence the aforesaid modvat credit could not have been taken by the appellants and has correctly been denied. No case law has been brought on record to say that amendment made by Notification No. 25/96-CE (NT) dated 31.8.96 was clarificatory in nature. The case laws relied upon by the appellants are also distinguishable. The case of Modi Alkalies Chemicals Ltd. vs. C.C.E. (supra) only holds that credit