2001 (11) TMI 1012

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....onsent of both sides. 2. In this case, the Adjudicating Authority confirmed the duty demand of ₹ 5,75,100/- wrongly availed as Modvat Credit by the Assessee on the ground that physical stock was found short and hence availment of Modvat credit of that quantity found short is incorrect. We also imposed a penalty of amount equal to duty as well as penalty of ₹ 10 lacs upon the Vice-Pres....