2005 (3) TMI 618

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....ellant. Smt. R. Bhagya Devi, SDR, for the Respondent. [Order per : P.G. Chacko, Member (J) (Oral)]. - This application seeks waiver of pre-deposit and stay of recovery in respect of an amount of duty of about Rs. 3.77 crores and an equal amount of penalty. The demand is consequential to denial, to the assessee, of the benefit of Notification No. 5/99-C.E., dated 28-2-1999, which granted exempt....

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....of the Notification is that the appellants had taken Modvat credit to the extent of Rs. 4,16,161/- on capital goods during the year 1997 and 1998, which capital goods were used for the process of manufacture of the subject goods during the period of dispute (Mar. '99 to Sept. '02). It is argued that the aforesaid condition of the Notification cannot be said to have been violated by such availment ....