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of <h1>Penalty reduced for tax credit misuse in CEGAT appeal</h1> The Appellate Tribunal CEGAT, New Delhi reduced the penalty imposed on M/s. La Chem Pharmaceuticals (P) Ltd. from Rs. 19,88,497 to Rs. 10 lakhs and on ... Penalty - Quantum of The Appellate Tribunal CEGAT, New Delhi reduced the penalty imposed on M/s. La Chem Pharmaceuticals (P) Ltd. from Rs. 19,88,497 to Rs. 10 lakhs and on Shri S.S. Nandwana, Managing Director from Rs. 1 lakh to Rs. 50,000 for wrongly availing Modvat credit based on fake documents. The duty demand was confirmed. Both appeals were rejected after the penalty reduction.
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