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TMI Blog2006 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... e authority sustaining the order of the original authority disallowing the Modvat credit to the tune of Rs. 1,31,286/-and reducing the penalty to Rs. 30,000/-. The appellants have also filed a stay application. As the issue involved relates to the year 1995-96, after dispemnsing with stay application, the appeal itself is taken-up for final disposal with the consent of the learned Consultant and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of law, proceedings were initiated which culminated in the original authority's demanding credit availed and imposing a penalty equal to the same amount. Subsequently on appeal, the impugned order was passed. 3. Appearing on behalf of the appellant, Sh. R. Balagopal, ld. Consultant submitted that, in their accounts for financial year, 1995-96, though they had made entries in their ledger corre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further argued that as the SCN had proposed penalty under Rule 57U(6) and Rule 173Q the penalty imposed by the Commissioner (Appeals) under Rule 173Q(l)(bb) was not legal and sustainable as they d not been put on notice as to their penal liability confirmed in the impugned order. 4. Ld. SDR submitted that the issue is covered by case law Shrigonda SSK Ltd. v. CCE, Aurangabad [2001 (130) E.L.T. 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut the irregularity in claiming depreciation on that part of the value representing duty paid on the machinery, in view of the Rule 57R (5), they filed revised return in March, 1998 for the financial year 1995-96 regularising the availment of credit. From the records, it is seen that the assessee detected the mistake and took corrective action suo motu as per the legal provisions. Therefore, their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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