2000 (2) TMI 505

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..... ition of pre-deposit of duty and penalty, I take up the appeal itself with consent of both the sides. 2. Modvat credit of Rs. 2,10,220/- has been denied to the appellants and personal penalty of Rs. 20,000/- has been imposed on the ground that the inputs were received by them on 1-5-1996 whereas the declaration was filed on 20-5-1996 and credit was taken on 22-5-1996. The Revenue s objection is .....

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..... objection of the Revenue is that inputs have actually been used prior to filing the declaration. In fact, I find that as per the provisions of (c) to Rule 57G (5), the satisfaction of the Assistant Commissioner as regards the actual inputs having been used is one of the condition mentioned therein. This implies that even if the inputs have been used prior to filing of declaration and if the Assis .....

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