2001 (1) TMI 415

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..... . [Order per : Jyoti Balasundaram, Member (J)]. -  Arguing on the application for waiver of pre-deposit of a sum of Rs. 42,16,909.30 which is the amount of Modvat credit denied to the applicants under Rule 57-I of the Central Excise Rules (total credit denied is Rs. 64,81,078/- and the applicant has already paid a sum of Rs. 22,64,168.70) and penalty of Rs. 20,67,200/- imposed under Rule 57 .....

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..... deposit of duty and penalty may be waived and their recovery stayed pending the appeal. 2. Learned DR, Shri M.P. Singh reiterates the findings of the adjudicating authority and submits that the repeal of Rules and substitution with fresh rules will not affect the credit denial and the penalty imposition since Rule 57-I was on the Statute Book at the time when the proceedings were initiated. .....

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