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<h1>Tribunal allows Modvat credit, upholds penalty for non-maintenance of registers.</h1> The appellate tribunal overturned the Collector (Appeals)'s decision to deny Modvat credit of Rs. 4075.76, stating that credit cannot be denied for ... Modvat - Penalty The appeal related to the denial of Modvat credit of Rs. 4075.76. The Collector (Appeals) denied the credit for non-maintenance of registers, but the appellate tribunal overturned this decision, stating that Modvat credit cannot be denied for this reason. Penalty for non-maintenance of registers was upheld. Appeal allowed for Modvat credit denial, penalty sustained.