2001 (1) TMI 143

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....waiver of pre-deposit of the penalty amount of Rs. 10,000/- and for stay of recovery thereof, pending the appeal. 2. The Assistant Commissioner had disallowed Modvat credit amounting to Rs. 92,411/- taken on furnace oil as input during the period 30-10-1998 to 23-2-1999 and had imposed a penalty of Rs. 10,000/- on the applicants. The appeal filed by the party against the Assistant Commissioner'....

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....rits and that the entire issue on merits involves interpretation of Notification No. 5/94-C.E.(N.T.), dated 1-3-1994. In such circumstances, according to ld. Counsel, there was no warrant for imposition of any penalty. He, therefore, prays for complete waiver of pre-deposit of the penalty amount and for stay of recovery thereof during the pendency of the appeal. 5. Ld. JDR, Sh. S.C. Pushkarna, ....