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1993 (5) TMI 179 - CESTAT MUMBAIExtract: .......s. In view of these circumstances discussed, while sustaining the order of penalty imposed, we would deem it proper to reduce the penalty to ₹ 5 lakhs (Rupees five lakhs) only. 10. In the result, we set aside the demand for reversal of Modvat credit. We reduce the penalty from ₹ 10 lakhs to ₹ 5 (five) lakhs only on the appellants.
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