2004 (2) TMI 506

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....pellant. Shri P. Sastry, Advocate, for the Respondent. [Order per : Justice K.K. Usha, President]. - This is an appeal at the instance of the Revenue challenging the order passed by the Commissioner (Appeals) dated 21-12-2000. Commissioner (Appeals) accepted the contention raised by the assessee that Modvat credit of Rs. 3,38,512/- was admissible as claimed by it. Penalty imposed by the a....

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....t by the Audit that credit taken by the assessee without any letter of condonation of delay in filing the declaration from the Assistant Commissioner was irregular, the assessee reversed the credit already taken on 14-2-1997. The condonation of delay was granted on  16-4-1997 when the assessee took the credit again on 30-3-1998. It is contended on behalf of the Revenue that assessee has faile....