M/S.Shriram Vinyl & Chemical ... vs Commissioner Of Customs, Mumbai

The Supreme Court held that the appellants were not entitled to the benefit of Notification No.155/86-Cus as the assembly of modernized furnaces did not result in the emergence of a new product, which is a requirement under the notification. The Court clarified that the terms 'initial setting up', 'assembly', and 'manufacture' imply the creation of a new article, and merely modernizing existing furnaces does not satisfy this criterion. Consequently, the appeal was dismissed, affirming the decision of the Collector of Customs (Appeals).