https://www.taxtmi.com/caselaws?id=88894 Penalty under Rule 173Q was considered unsustainable where Modvat credit on electric wires and cables had been taken under Rule 57Q on a bona fide belief that the goods qualified as capital goods, supported by earlier Tribunal rulings. On those facts, the Tribunal found no basis for imposing penalty and set it aside. It also rejected the broader observation that penalty could never arise merely because the wrong credit remained unutilised, and deleted that part of the Commissioner (Appeals)' reasoning. en-us Thu, 18 Jun 1998 00:00:00 +0530 Thu, 22 Sep 2011 11:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=88894 Penalty under Rule 173Q was considered unsustainable where Modvat credit on electric wires and cables had been taken under Rule 57Q on a bona fide belief that the goods qualified as capital goods, supported by earlier Tribunal rulings. On those facts, the Tribunal found no basis for imposing penalty and set it aside. It also rejected the broader observation that penalty could never arise merely because the wrong credit remained unutilised, and deleted that part of the Commissioner (Appeals)' reasoning. Case-Laws Central Excise Thu, 18 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=88894