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<h1>CESTAT rejects Revenue appeal on illegal Modvat credit: Penalty vacated for goods sold.</h1> The Appellate Tribunal CESTAT, NEW DELHI rejected the Revenue's appeal in a case involving illegal availment of Modvat credit by M/s. Sandeep without ... Penalty - Modvat The case involved illegal availment of Modvat credit without receipt of inputs by M/s. Sandeep, who reversed the credit. The respondents issued a modvatable invoice without supplying inputs, but penalty on them was vacated as they had sold the goods to M/s. Sandeep. The appeal of the Revenue was rejected by the Appellate Tribunal CESTAT, NEW DELHI.