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1996 (7) TMI 254 - AT - Central ExciseExtract: ....... emsp Appellants are entitled to Modvat credit of Rs. 18,47,500.00 on ribbed bars. 2. emsp Modvat credit of Rs. 1,02,904.83 on 163.340 MT on burning losses is permissible as it is covered by provisions of Rule 57D. 3. emsp Denial of Modvat on other counts and demand of dty is justified. 4. emsp Penalty on appellants is reduced to Rs. one lakh only.
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