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of <h1>Appeal favoring appellant due to immediate compliance resulting in penalty remittance for wrong Modvat credit.</h1> <h3>SIEMENS LTD. Versus COMMISSIONER OF C. EX. & CUS., MUMBAI-VI</h3> The appeal was disposed of in favor of the appellant due to immediate compliance, resulting in the remittance of the penalty for the wrong availment of ... Penalty - Modvat on capital goods vis-a-vis income-tax rebate The case involves non-compliance of Modvat Credit Rules after removal from Finance Act, 2000. The appeal concerns wrong availment of Modvat credit on capital goods. The amount involved is Rs. 34,794 out of total credit of Rs. 1,12,690. The penalty was remitted due to immediate compliance by the appellant. The appeal was disposed of accordingly.
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