2004 (6) TMI 193

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....he impugned order-in-appeal, the issue relates to the denial of the Modvat credit to the appellants on Lubricating Oil and Nitrogen Gas. Both the authorities below have disallowed the credit on these goods in all of Rs. 46,161/- on Nitrogen Gas and Rs. 1,63,805/- on Lubricating Oil as inputs. 2. I have heard both sides and gone through the record. The bare perusal of the record shows that the a....

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....he impugned order disallowing the Modvat credit in this regard is upheld. 4. However, the learned counsel has prayed for the setting aside of the penalty and interest which has been imposed under Section 11AC on the ground that the credit had not been utilised by the appellants and provisions of Section 11AC are not at all applicable to a case of wrong availment of the Modvat credit. In my view....