2004 (12) TMI 569

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..... for the Respondent. [Order per : Archana Wadhwa, Member (J)]. The prayer in the stay petition is to dispense with the condition of pre-deposit of duty of Rs. 34,04,320/- (Rupees thirty four lakhs four thousand three hundred and twenty only) and personal penalty of Rs. 10 lakhs (Rupees ten lakhs only). The said demand has been confirmed against the appellants on the ground that as they w .....

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..... n any case, ld. Advocate submits that the Commissioner, while confirming the demand of duty has not given any adjustment of the credit actually reversed by them. However, Shri Prakash Shah does not plead any financial hardship. 3.Countering the arguments, Shri Vimlesh Kumar, ld. SDR draws our attention to the provisions of Rule 6(3). He submits that an assessee is entitled to reverse back the Mo .....

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..... redit, where a common account has been maintained. In all other cases, sub-clause (b) would get attracted. If legislature intended to allow the manufacturers to clear the exempted goods after reversing the Modvat credit, in all other cases also, there was no requirement to classify the goods under two different clauses as (a) and (b). As such, we are of the view that the appellants need to be put .....

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