1999 (2) TMI 287 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai allowed the waiver of deposit of duty and penalty totaling Rs. 47.52 lacs imposed under section 11AC and Rule 173Q. The applicant manufactures LDPE granules for producing plastic bags, but the Commissioner held that duty credit was wrongly taken. The Tribunal found merit in the applicant's argument that the revenue effect would not change significantly. The waiver was granted on the condition that Rs. 10.00 lacs be kept unutilized in the Modvat account until the appeal's disposal. Compliance was to be done by 11-3-1999.