2003 (1) TMI 581

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..... Gwalani, Advocate, for the Appellant. Shri Arun Chopra, DR, for the Respondent. [Order per : Gowri Shankar, Member (T)]. -  Appeal taken up for disposal with the consent of both sides, after waiving deposit. 2. The appeal is against the order of the Commissioner (Appeals) confirming a penalty imposed upon the appellant for the reason that it incorrectly utilised Modvat cred....

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.... two years, when the slightest effort by it would have shown that this was not a permissible course of action. 5. The penalty has been imposed under Rule 173Q and it is clause (BB) of sub-rule (1) of this rule, relating to Modvat credit, that would apply. This rule renders liable to penalty any person who takes credit wrongly or without taking reasonable steps to ensure that appropriate du....