2001 (1) TMI 143

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..... 000/- and for stay of recovery thereof, pending the appeal. 2. The Assistant Commissioner had disallowed Modvat credit amounting to Rs. 92,411/- taken on furnace oil as input during the period 30-10-1998 to 23-2-1999 and had imposed a penalty of Rs. 10,000/- on the applicants. The appeal filed by the party against the Assistant Commissioner's order was rejected by the Commissioner (Appeals). Hen .....

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..... etation of Notification No. 5/94-C.E.(N.T.), dated 1-3-1994. In such circumstances, according to ld. Counsel, there was no warrant for imposition of any penalty. He, therefore, prays for complete waiver of pre-deposit of the penalty amount and for stay of recovery thereof during the pendency of the appeal. 5. Ld. JDR, Sh. S.C. Pushkarna, fairly, concedes that the Modvat credit involved in the ca .....

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