2010 (9) TMI 1066

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....for short, 'the Act') for direction to refer for opinion of this Court following question of law :- "Whether CEGAT was right in reducing the penalty imposed under section 11AC of the Act, which otherwise is mandatory and should be equal to the amount of duty short levied and confirmed?" 2. The respondent-assessee was alleged to have illegally availed MODVAT credit on inputs and to have clan....