ATUL LTD. Vs. COMMISSIONER OF C. EX., DAMAN

JUDGEMENT

(1.) THIS Stay Petition is filed for waiver of pre -deposit of duty of Rs. 96,14,116/ - along with interest and equivalent amount of penalty imposed on the appellant.

(2.) THE above said amounts have been confirmed and penalties imposed by the adjudicating authority on the ground that the appellants had written off the inputs which were purchased in 1997 -1998 over a period of time as an unserviceable inputs. The said writing off has taken place in the year from 2004 -2005 to 2008 -2009 and hence they have to reverse the Cenvat credit availed.

(3.) HEARD both sides and perused the records.