https://www.taxtmi.com/caselaws?id=88290 Wrongly carried forward and utilised Modvat credit was treated as an incorrect balance transfer rather than a wholly deliberate act, so the assessee received the benefit of doubt on intent. The demand for the undetected wrongly utilised credit was nonetheless upheld because the credit had in fact been taken and used improperly. The penalty was found excessive on the facts and was reduced accordingly. en-us Thu, 01 Jan 1998 00:00:00 +0530 Fri, 16 Sep 2011 16:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=88290 Wrongly carried forward and utilised Modvat credit was treated as an incorrect balance transfer rather than a wholly deliberate act, so the assessee received the benefit of doubt on intent. The demand for the undetected wrongly utilised credit was nonetheless upheld because the credit had in fact been taken and used improperly. The penalty was found excessive on the facts and was reduced accordingly. Case-Laws Central Excise Thu, 01 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=88290