https://www.taxtmi.com/caselaws?id=87433 Penalty under Rule 173Q(1)(bb) was found unwarranted where Modvat credit on an undeclared final product was nevertheless disclosed in statutory returns and classification records, and the assessee voluntarily debited the wrongly taken credit before the show cause notice. The Tribunal treated the omission of a separate declaration as a procedural lapse, not deliberate suppression, and followed its earlier view that such disclosure in the records does not justify the extended period or penal action on the same facts. Penalty was therefore set aside. en-us Tue, 28 Oct 1997 00:00:00 +0530 Mon, 05 Sep 2011 18:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87433 Penalty under Rule 173Q(1)(bb) was found unwarranted where Modvat credit on an undeclared final product was nevertheless disclosed in statutory returns and classification records, and the assessee voluntarily debited the wrongly taken credit before the show cause notice. The Tribunal treated the omission of a separate declaration as a procedural lapse, not deliberate suppression, and followed its earlier view that such disclosure in the records does not justify the extended period or penal action on the same facts. Penalty was therefore set aside. Case-Laws Central Excise Tue, 28 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87433