https://www.taxtmi.com/caselaws?id=84746 Wrong availment of MODVAT credit before receipt of imported goods in the factory was treated as an irregular and unlawful availment, attracting penalty under Rule 173Q and Rule 226 of the Central Excise Rules, 1944. Although there was a claimed misunderstanding about the stage for taking credit, the Tribunal noted that the lower appellate authority had already considered the nature of the violation, the interest element, and the surrounding circumstances while reducing the penalty. The plea of bona fide mistake did not justify any further relief, and no additional reduction in penalty was warranted; the reduced penalty was sustained. en-us Thu, 08 Jun 1995 00:00:00 +0530 Mon, 25 Jul 2011 13:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84746 Wrong availment of MODVAT credit before receipt of imported goods in the factory was treated as an irregular and unlawful availment, attracting penalty under Rule 173Q and Rule 226 of the Central Excise Rules, 1944. Although there was a claimed misunderstanding about the stage for taking credit, the Tribunal noted that the lower appellate authority had already considered the nature of the violation, the interest element, and the surrounding circumstances while reducing the penalty. The plea of bona fide mistake did not justify any further relief, and no additional reduction in penalty was warranted; the reduced penalty was sustained. Case-Laws Central Excise Thu, 08 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84746