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of <h1>CESTAT grants stay in duty & penalty case, citing Modvat credit timing issue. Precedent-backed appeal set for August.</h1> <h3>SUPER CASSETTES INDUSTRIES LTD. Versus COMMISSIONER OF CENTRAL EXCISE, NOIDA</h3> The Appellate Tribunal CESTAT, New Delhi granted the stay application in a case involving duty amount and penalty where Modvat credit was denied for being ... Stay/Dispensation of pre-deposit The Appellate Tribunal CESTAT, New Delhi allowed the stay application in a case involving duty amount of Rs. 4,98,826/- and penalty of Rs. 10,000/- where Modvat credit was denied for not being taken within a reasonable time. The appellants had taken the credit in February 95 for inputs received in 1993, before the amendment restricting credit period to six months. The case is supported by the law laid down in Steel Authority of India Ltd. v. CCE, Raipur, 2001 (129) E.L.T. 459. The appeal is scheduled for regular hearing on 6-8-2004.
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