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2004 (3) TMI 292 - CESTAT, NEW DELHIExtract: ....... Appellant company for taking the Modvat Credit without receiving the inputs. The Penalty imposed, however, is on higher side which is reduced to Rs. 3 lakhs. The Penalty on Managing Director is also imposable whose role is evident from his statement. However, we reduce the same to Rs. 20,000/-. Both the appeals are disposed of in the above manner.
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