Judgment:
1. The prayer in the Application is for dispensation with predeposit of amount of duty of Rs. 22,60,505.62 (Rupees twenty-two lakh sixty thousand five hundred five and paise sixty-two) only and penalty of Rs. 20,000.00 (Rupees twenty thousand). The said amount of duty has been confirmed against the applicants/appellants by denying them the MODVAT Credit on the ground that the invoices on the basis of which the Credit has been taken, were lacking in material particulars and were not in accordance with Notification NO. 15/94-CE)NT); that the dealers who issued the invoices did not get themselves registered subsequently upto 31.12.94 and on the ground that Credit in some cases has been taken on the basis of original copies instead of the transporters copies.
2. We have heard Shri S.K. Roychowdhury, learned Advocate for the applicant firm and Shri A.K. Chattopadhyay, learned J.D.R. for the Revenue.
3. Shri Chattopadhyay, learned J.D.R. submits that the issue that the assessee cannot avail the Credit on the basis of original copy has already been settled against them by the Larger Bench decision of the Tribunal in the case of Avsi Electronics reported in 117-ELT-57. As such, he submits that the applicant should be directed to deposit the duty in question.
4. Shri Roychowdhury, learned Advocate for the applicants submits that the dealers who originally issued the invoices have got themselves registered subsequently by 31.12.1994. However, he fairly agrees that this point was not placed before the Assistant Commissioner, but was raised before the Commissioner (Appeals).
4.1. As regards various discrepancies pointed out in the invoices, we find that the same are of rectifiable nature and the Tribunal in a number of cases has taken a view that Credit should not be denied on the ground of such rectifiable mistakes in the invoices. However, as rightly argued by the learned J.D.R., the issue as regards the availability of Credit on the basis of original copy of the invoice stands decided against the applicants/appellants by the Larger Bench of the Tribunal as referred supra. As such, by taking into account the overall facts and circumstances of the case including the applicants'/appellants' statement regarding registration of dealers till 31.12.94, we direct the applicants/appellants to deposit an amount of Rs. 4.00 lakh (Rupees four lakh) only within a period of eight weeks from today. Subject to deposit of the above, the balance amounts of duty and penalty stand waived and its recovery stayed during the pendency of the appeal. Matter to come up for ascertaining compliance on 24.9.2001. Subject to ascertaining the compliance with the Order, the appeal itself will be taken up for disposal on the said date.