2006 (5) TMI 247 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Kolkata heard a case involving disallowance of Modvat credit and a penalty imposed on a Public Sector Undertaking for not paying 8% amount on the clearance value of Straight Run Naptha. The Tribunal found that the recovery under Rule 57CC is not Modvat credit and cannot be effected under Rule 57-I. The Tribunal waived the predeposit and ordered the stay of recovery pending further hearing.