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2003 (4) TMI 477 - AT - Central ExciseExtract: .......nt has been reversed by them immediately after being pointed out by the audit party. Penalty equal to the amount of Modvat credit disallowed is not warranted in the present matter. In our view, nominal amount of penalty will meet the ends of justice. We, therefore, reduce the amount of penalty to Rs. 2 lakhs only. The appeal is thus partly allowed.
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