2002 (9) TMI 231

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....eals) reducing the quantum of penalty from Rs. 49,357/- to Rs. 12,500/-. The appellant is represented by ld. JDR. There is no representation for the respondent, but there is a request from their Counsel for adjournment. 2. After careful examination of the record, I find that the grounds raised by the appellants against the reduction of penalty are prima facie untenable. A final disposal of the ap....

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.... the appeal and submits that, under Rule 57-I(4), it was mandatory to impose penalty equal to the amount of disallowed Modvat credit on the person who availed the credit wrongly by reason of fraud, wilful misstatement, collusion, suppression of facts or contravention of any of the provisions of the Act or Rules with intent to evade payment of duty. Ld. DR submits that clandestine removal of inputs....