CAPT OF AN MDT DSNDED FROM ASSIGNED ALT AFTER FOLLOWING CLRNC FOR ANOTHER ACFT.

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THERE WAS A CHAIN OF EVENTS THAT LED TO A MISCOM BTWN ATC AND MY ACFT. DUE TO THE MISCOM I DEPARTED MY ASSIGNED ALT DURING A HOLD. IT OCCURRED ON FLT (ACR X) FROM LAF TO UNV UNDER AN IFR FLT PLAN. AS I GOT CLOSE TO MY DEST (UNV); THE WX HAD DETERIORATED SIGNIFICANTLY. AT OR ABOUT XA45 I GOT HOLDING INSTRUCTIONS OVER PSB VOR BY ZNY. I ENTERED THE HOLDING AND HELD AS INSTRUCTED BY ATC AT 6000 FT. ATC WAS EXTREMELY BUSY WITH NUMEROUS ACFT ON THE FREQ. I WAS BUSY AS WELL FLYING WITH AN UNEXPERIENCED NEW FO. SHORTLY AFTER HOLDING; THE FO ACKNOWLEDGED A R TURN AND A DSND TO 4000 FT TO ATC. I QUESTIONED THE FO IF HE WAS SURE THOSE INSTRUCTIONS WERE FOR US; HE REPLIED VERY POSITIVELY THE INSTRUCTIONS WERE FOR FLT (ACR X). I BEGAN TO TURN AND LEFT MY ASSIGNED ALT FROM 6000 FT TO 4000 FT. SHORTLY AFTERWARDS ATC QUESTIONED WHERE IS (ACR X) GOING. THE FO REPLIED; 'DSNDING TO 4000 FT;' ATC SHOUTED NOT TO DSND BECAUSE WE HAD ANOTHER ACFT HOLDING AT 5000 FT. I IMMEDIATELY CLBED AS FAST AS POSSIBLE TO 6000 FT. THE CTLR DID NOT MAKE ANY FURTHER REMARKS FOR THE REMAINING OF THE FLT. THE INITIAL CLRNC WAS FOR ANOTHER ACFT; BUT THE CTLR NEVER ACKNOWLEDGED IT WAS NOT FOR US. IF THE CTLR EVER TOLD US THAT THE CLRNC WAS NOT FOR US; HIS RESPONSE WAS BLOCKED BY THE NUMEROUS ACFT ON THE FREQ. THE REMAINING OF THE FLT PROCEEDED WITHOUT ANY FURTHER INCIDENTS. ATC NEVER ACKNOWLEDGED DURING THE REMAINDER OF THE FLT THAT THERE WOULD BE ANY ACTION TAKEN DUE TO THE DEV. AFTER I LANDED; I RECEIVED A PHONE CALL FROM ZNY ADVISING ME THAT THE TAPES WILL BE PULLED AND TO BE AWARE THAT THEY WOULD PROCEED WITH A VIOLATION. NO FURTHER INFO WAS GIVEN TO ME OVER THE PHONE.