2011 (9) TMI 859

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....hak, DR, for the Respondent. ORDER The prayer in the application is to dispense with the condition of pre-deposit of duty of Rs. 39,534/- and penalty of identical amount. 2. After hearing both the sides, we find that the appellants are engaged in the manufacture of polyester chips, printing ink and adhesives etc. They availed the benefit of Modvat credit in respect of capital goods receiv....

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....ount equal to the Cenvat credit demand on the capital goods reduced by 2.5% for each quarter of a year. The authorities below have interpreted the said expression that such a reduction is required to be done on reduced values instead of adopting the straight line method. Commissioner (Appeals) has referred to the subsequent amendment in the said provisions which clarified that such reduced rate ha....