2000 (10) TMI 663

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....t. Shri S. Kannan, DR, for the Respondent. [Order per : S.S. Sekhon, Member (T)]. - This appeal has been filed by the appellants who are a reputed and professionally managed company and are availing Modvat credit on various items including items of imported goods. They took credit of the entire amount of duty shown in the Bill of Entry as paid by them on 8-5-1998. The amount of credit whi....

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....s one crore per month as per the work sheet given in the paper book. The observation regarding the utilisation of excess credit of Rs. 2,85,808/- taken by the appellants was made on 15-6-1998, when the credit in their books of account went below by Rs. 22,296/-. The excess credit taken was reversed by the appellants on 9-7-1998. Therefore, he submits that the amount of Rs. 25,000/- paid by the app....

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.... contravention of any of the provisions of these rules, and does not render proper and true account of the receipt or dispose of the goods, then he shall be liable for payment of penalty under the above said rules. In the present case we find that the appellants are a professionally managed Company and are paying regularly large amount of duty through their PLA, RG23A and other Modvat account. The....