2002 (12) TMI 541

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.... for the Appellant. Shri B.B. Sarkar, DR, for the Respondent. [Order per : Jyoti Balasundaram, Member (J)]. - For reasons recorded below, we waive the pre-deposit of duty of Rs. 19,79,811/- and penalty of Rs. 5 lakhs and proceed to hear the appeal itself with the consent of both sides. 2. The appellants were engaged in the manufacture of M.S. CTD bars and rods of iron and steel fa....

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....deemed credit order reads as under :- "In exercise of the powers conferred under the second proviso to Rule 57G(2) of the Central Excise Rules, 1944 and in supersession of Order F. No. 342/5/91-TRU, dated 7-7-92 as amended, the Central Government hereby directs that the ingots and re-rollable materials of Iron or Steel purchased from outside and lying in stock on or after 1-4-94 with the Re-rol....

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.... filed for the relevant period which is March, 1994 to December, 1994. The case law relied upon by the ld. Commissioner (Appeals) to deny deemed credit is entirely in the context of Modvat credit which cannot be availed in the absence of a declaration in terms of Rule 57G and none of the case law relied upon relate to availment of deemed credit under a specific deemed credit order. In these circum....

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....ny inputs, the position of demand and supply of the said inputs in the country and any other relevant considerations, the Central Government may direct that with effect from a specified date, all stocks of the said inputs in the country, except such stocks lying in a factory, customs area as defined in the Customs Act, 1962 (52 of 1962) or a warehouse as are clearly recognisable as being non-duty ....