https://www.taxtmi.com/caselaws?id=77046 Wrongly availed Modvat/Cenvat credit on a paper transaction without actual receipt of inputs attracts the mandatory penalty under section 11AC of the Central Excise Act when the statutory ingredients are established. The court applied the principle from Rajasthan Spinning and Weaving Mills and held that, once wrongful availment on invoice-only transactions is proved, the Tribunal has no discretion to reduce the prescribed penalty. The assessee was therefore liable to the equal penalty mandated by the statute. en-us Thu, 22 Apr 2010 00:00:00 +0530 Tue, 06 Sep 2011 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77046 Wrongly availed Modvat/Cenvat credit on a paper transaction without actual receipt of inputs attracts the mandatory penalty under section 11AC of the Central Excise Act when the statutory ingredients are established. The court applied the principle from Rajasthan Spinning and Weaving Mills and held that, once wrongful availment on invoice-only transactions is proved, the Tribunal has no discretion to reduce the prescribed penalty. The assessee was therefore liable to the equal penalty mandated by the statute. Case-Laws Central Excise Thu, 22 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77046