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2007 (8) TMI 559 - AT - Central ExciseExtract: .......be paid on the reducing balance of Cenvat credit against outstanding excise duty. As such, I do not find any merits in the appeal. However, keeping in view the facts and circumstances, penalty of Rs. 2 lakhs is reduced to Rs. 50,000/-. But for the above modifications in the quantum of penalty, the appeal is otherwise rejected. (Pronounced in Court)
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