https://www.taxtmi.com/caselaws?id=83236 Removal of intermediate forgings to another factory under the Modvat scheme, followed by delayed payment of duty and no availing of Modvat credit, was treated as causing no loss of revenue. The conduct was found bona fide rather than mala fide, and the alleged non-observance of excise formalities and contravention of the notification did not justify penal action. On these facts, the penalty was held unsustainable and set aside in favour of the assessee. en-us Fri, 22 Apr 1994 00:00:00 +0530 Tue, 12 Jul 2011 10:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83236 Removal of intermediate forgings to another factory under the Modvat scheme, followed by delayed payment of duty and no availing of Modvat credit, was treated as causing no loss of revenue. The conduct was found bona fide rather than mala fide, and the alleged non-observance of excise formalities and contravention of the notification did not justify penal action. On these facts, the penalty was held unsustainable and set aside in favour of the assessee. Case-Laws Central Excise Fri, 22 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83236