2001 (11) TMI 1012

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..... consent of both sides. 2. In this case, the Adjudicating Authority confirmed the duty demand of ₹ 5,75,100/- wrongly availed as Modvat Credit by the Assessee on the ground that physical stock was found short and hence availment of Modvat credit of that quantity found short is incorrect. We also imposed a penalty of amount equal to duty as well as penalty of ₹ 10 lacs upon the Vice-Pre .....

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..... Company. In view of the above and considering that no decision on the merits of the matter has been passed by the Lower Appellate Authority, we accept predeposit of ₹ 60,000/- as sufficient for the purpose of the Stay Application, set aside the impugned order and remand the case to the Commissioner (Appeals) for a fresh decision. On the merits of the case after extending a reasonable (SIC) .....

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