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2004 (8) TMI 545 - AT - Central ExciseExtract: .......rious rules is not called for. We therefore set aside the penalty of Rs. 1 lakh imposed on this count. 6. emsp The appeal is thus partly allowed. The demand for Modvat credit wrongly taken is upheld. Penalty of Rs. 7 lakhs is reduced to Rs. 2 lakhs. Penalty of Rs. 1 lakh imposed on the ground that the appellants under-valued the goods is set aside.
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