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TMI Blog2001 (7) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order per : Lajja Ram, Member (T)]. These are two appeals filed by (1) M/s. La Chem Pharmaceuticals (P) Ltd. and (2) Shri S.S. Nandwana, Managing Director. The Commissioner of Central Excise, Delhi who had adjudicated the matter and disallowed the Modvat credit of Rs. 19,88,497/- and an equal amount of penalty had been imposed on M/s. La Chem Pharmaceuticals (P) Ltd. under Rule 173Q of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th interest had also been deposited by the Company. 2. In reply, Shri Rajeev Tandon, learned SDR submits that it was the case of floating fictitious Firms, wrongly availing the Modvat credit on the basis of fake/bogus documents and this fact had been admitted by Shri S.S. Nandwana, Managing Director, when his initial statement was recorded. He submits that there is no ground for any leniency. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been rightly taken against both of them. However, taking note of the fact that the appellants had admitted their mistake and had voluntarily paid the disputed amount, we reduce the amount of penalty imposed on M/s. La Chem Pharmaceuticals (P) Ltd. from Rs. 19,88,497/- to Rs. 10 lakhs (Rupees ten lakhs only). The penalty imposed on Shri S.S. Nandwana, Managing Director is reduced from Rs. 1 lakh t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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