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of <h1>Appeal Allowed for Modvat Credit Error: Penalty and Interest Demand Not Upheld</h1> <h3>INDIAN PETRO CHEMICALS CORPORATION LTD. Versus COMMISSIONER OF CENTRAL EXCISE, VADODARA</h3> The appeal against a penalty and interest demand for wrong availment of Modvat credit was allowed by the Tribunal. The error was deemed bona fide, as the ... Penalty - Modvat wrongly availed The appeal was against a penalty of over Rs. 11 lakhs and interest demand for wrong availment of Modvat credit. The credit was taken twice for the same goods. The Tribunal found it to be a bona fide error by all parties, as the credit was taken against stipulated documents. The imposition of penalty and demand for interest were not upheld, and the appeal was allowed with consequential relief to the appellants.
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