1998 (7) TMI 209

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..... [Order per : Gowri Shankar, Member (T)]. Applications are for waiver of deposit of penalty of Rs. 6.28 lakhs under Rule 57-I(4) and penalties of Rs. 50,000/- each on Shri R.V. Shah and C.A. Shenoy, Chairman, Managing Director and Chief Executive of the assessees. 2. We have heard both sides. 3. The penalties have been imposed following the finding that Modvat credit of duty paid on inpu .....

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