1996 (5) TMI 131

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..... i, Member (J)]. For hearing the appellants Appeal on merits, they are required to deposit a sum of Rs. 6,88,176.86, and the penalty amount of Rs. 15,000/. The appellants submit that they have already deposited the penalty amount and the stay sought for is only in relation to the duty demanded. 2. Mr. M.H. Patil, the Ld. Advocate appearing for the appellants submits that there are two compa .....

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..... as been confirmed is that the appellants ought to have reversed the modvat credit and instead they have utilized the same Modvat credit for the purpose [of] paying the duty on the goods returned by them to their another concerned. In his submission the amount has virtually been reversed and there is no cause for raising the demand. 3. Shri Gurdeep Singh, the Ld. JDR, however, submits that the is .....

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