1999 (5) TMI 208

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..... nt. Shri G.B. Yadav, JDR, for the Respondents. [Order per : Gowri Shankar, Member (T)]. These three applications are for waiver of deposit of duty of Rs. 68.98 lakhs by the assessee M/s. Sovereign Printery, penalty of equivalent amount under Section 11AC, penalty of Rs. 25 lakhs on Ketan Sukhadia, Partner and Rs. 1 lakh on Ms. D Souza, Accounts assistant. 2. The common Advocate for .....

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..... others. He points out that in some of these decisions, the Modvat credit has been permitted to be availed of without filing a declaration even though duty was confirmed under the extended period contained in the proviso to Section 11A. If Modvat credit is allowed the duty liability would come down to Rs. 39 lakhs approx. Applicant has already deposited Rs. 30 lakhs. 3. Imposition of penalty und .....

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..... and in such circumstances, Modvat credit should not be extended. 5. It appears that there are conflicting views expressed by the Tribunal as to whether Modvat credit would be available in the absence of Rule 57G declaration. The decision cited by either sides are shown as examples of the different views. However, the very fact of there being conflicting opinion at this stage, it has to be taken .....

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