1997 (2) TMI 265

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..... ocate, Shri S.K. Roychowdhury prays for waiver of pre-deposit and stay of recovery of Rs. 4,68,967.74 denied as Modvat credit taken by the appellants/applicants on the strength of original invoices issued during the period 1-6-1994 to 9-6-1994. He also prays for a similar treatment of penalty of Rs. 10,000/- imposed on the applicants. He submits that the Modvat credit has been denied on the ground .....

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..... e in the present case. In case of invoices issued by SAIL, practice had always been to take Modvat credit on the customer s copy issued by the stockyard of SAIL. This practice, he further submits has been further sanctified by subsequent Notification No. 32/94, dated 4-7-1994 which also lays down that Modvat credit can be taken on the basis of `original copy issued by a registered dealer. He, the .....

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..... val from the factory of manufacturer or from the bonded store room of the factory. In the instant case, it has been submitted by the ld. advocate and it has been urged during the submissions right from the original stage, that the invoices in the present case, have been issued by the stockyard of SAIL which is not a factory; it is corresponding to a dealer of the excisable goods whose invoices wer .....

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