Wrong Modvat Credit: reversal must account for PLA balances and penalties proportionate to forgone interest. Wrong Modvat credit reversals must account for the assessee's Personal Ledger Account (PLA) balances and record PLA sufficiency before recovery; penalties for wrongful credit must be proportionate to the interest that would have been payable had funds been borrowed, and divisional offices and adjudicating authorities must issue and follow instructions ensuring these considerations in reversal orders.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wrong Modvat Credit: reversal must account for PLA balances and penalties proportionate to forgone interest.
Wrong Modvat credit reversals must account for the assessee's Personal Ledger Account (PLA) balances and record PLA sufficiency before recovery; penalties for wrongful credit must be proportionate to the interest that would have been payable had funds been borrowed, and divisional offices and adjudicating authorities must issue and follow instructions ensuring these considerations in reversal orders.
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