1996 (5) TMI 232 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai directed the appellants to deposit Rs. 52,179 for reversal of Modvat credit and Rs. 25,000 as penalty to hear their appeal. The tribunal found that the duty was not paid by the suppliers, leading to a demand against the appellants for availing Modvat credit. The tribunal ordered the appellants to secure the demanded amount in their Modvat account or through a Bank Guarantee within two months to stay recovery and waive pre-deposit of duty and penalty amounts.