1999 (10) TMI 271

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.... Shri D.K. Nayyar, JDR, for the Respondent. [Order per : G. A. Brahma Deva, Member (J)]. - This stay application is filed by the applicants for the waiver of pre-deposit of duty amounting to Rs. 11,35,000/- and penalty of Rs. 15,58,000/- and stay of the recovery proceedings. 2. Arguing for the applicants, Shri Ravi Holani, learned C.A. submits that issue relates to Modvat credit o....

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....hortage of weight on such account would be the subject matter of reduction of Modvat credit equal to the quantum of such shortage. The Modvat credit involved on such so called shortage is Rs. 7,79,223/-. In support of his contention, he referred to the decision of the Tribunal in the case of Commissioner of Central Excise, Rajkot v. Bombay Dyeing & Mfg. Co. Ltd., reported in 1998 (97) E.L.T. 101, ....

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.... Modvat credit and all the pleas raised by the assessee have already been considered by the Commissioner as can be seen from the impugned order. He also referred to the decision of the Tribunal in the case of Guljag Chemicals Pvt. Ltd. v. Collector of Central Excise, Jaipur, reported in 1996 (87) E.L.T. 292, in support of his contention that loss by spillage or evaporation is not a waste, residue ....