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<h1>Appeal overturns Rs. 10,000 penalty for Modvat credit misuse due to lack of mala fide intent</h1> The penalty of Rs. 10,000 imposed for misuse of Modvat credit was set aside in the appeal as no mala fide intent was found. The appellant agreed to pay ... Penalty - No mala fide or evasion of duty involved The appeal was filed against Order in Original No. 77/93-Collr. dt. 24-11-1993 for misuse of Modvat credit. The appellants used the credit for U & T bolts and eye nuts instead of automobile springs. Penalty of Rs. 10,000 imposed. Appellant agreed to pay and seek refund for duty paid. Penalty set aside as no mala fide intent found. Stay application and appeal disposed of accordingly.
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