2001 (12) TMI 701 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai considered an application for waiver of deposit of duty of Rs. 21.00 lakhs approx. The applicant manufactures petroleum products and cleared goods in bond to oil companies. The Commissioner demanded Modvat credit on duty paid on inputs used in manufacturing, but the applicant argued duty liability fell on oil companies and duty demanded was disproportionate. The Tribunal waived deposit of remaining duty upon the applicant depositing Rs. 5.00 lakhs within a month. Compliance was required by 24-12-2001.