1996 (5) TMI 197 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai directed the appellant to deposit Rs. 1,33,700 for denial of Modvat credit on a transformer. The appellant claimed the credit under Rule 57Q but it was denied as the inclusion of the transformer in the rule was after the appellant availed it in November 1994. The tribunal ordered the appellant to furnish a bank guarantee for the duty amount to secure revenues, granting a two-month compliance period. Compliance would result in a stay against recovery and waiver against pre-deposit of the duty amount.