https://www.taxtmi.com/caselaws?id=85215 Modvat credit was denied because the assessee's declaration specifically covered only the items listed, and a general reference to Chapter 72 could not extend to an undeclared input such as alloy steel rounds. The input was treated as a distinct material not shown to be identical with, or sufficiently covered by, any declared item, so the credit claim failed. Penalty was nevertheless set aside because the circumstances did not warrant penal action despite the credit disallowance. The result was partial relief: denial of credit sustained, but penalty deleted. en-us Fri, 22 Mar 1996 00:00:00 +0530 Wed, 03 Aug 2011 14:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85215 Modvat credit was denied because the assessee's declaration specifically covered only the items listed, and a general reference to Chapter 72 could not extend to an undeclared input such as alloy steel rounds. The input was treated as a distinct material not shown to be identical with, or sufficiently covered by, any declared item, so the credit claim failed. Penalty was nevertheless set aside because the circumstances did not warrant penal action despite the credit disallowance. The result was partial relief: denial of credit sustained, but penalty deleted. Case-Laws Central Excise Fri, 22 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85215