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of <h1>Appellate Tribunal reduces penalty to align with 'pinch, not pierce' principle. Fairness in penalty imposition emphasized.</h1> The Appellate Tribunal CEGAT, Mumbai reduced the penalty for misutilization of Modvat credit from Rs. 2 lakhs to Rs. 50,000 to align with the principle ... Penalty when reducible - Modvat credit The Appellate Tribunal CEGAT, Mumbai disposed of an appeal involving a penalty for misutilization of Modvat credit by reducing the penalty from Rs. 2 lakhs to Rs. 50,000 to ensure justice is served. The appellant had failed to observe formalities under Rule 57, resulting in the duty demand of Rs. 3,30,942. The tribunal considered the penalty should only 'pinch' the person, not 'pierce' them, in line with a Supreme Court decision.
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