https://www.taxtmi.com/caselaws?id=91588 Modvat credit recovery was held time-barred because the Department had access to monthly RG 23A extracts and related returns that disclosed the inputs and credit taken, so there was no suppression or misstatement by the assessee. Penalty for failure to declare the input in the Modvat declaration was also set aside: although the penal rule did not require proof of intent to evade, the omission was treated as a procedural lapse in the early period of the Modvat scheme, with no allegation of credit on non-received inputs or non-paid duty. The demand remained barred by limitation and the penalty was quashed. en-us Sat, 10 Jan 1998 00:00:00 +0530 Wed, 19 Oct 2011 14:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=91588 Modvat credit recovery was held time-barred because the Department had access to monthly RG 23A extracts and related returns that disclosed the inputs and credit taken, so there was no suppression or misstatement by the assessee. Penalty for failure to declare the input in the Modvat declaration was also set aside: although the penal rule did not require proof of intent to evade, the omission was treated as a procedural lapse in the early period of the Modvat scheme, with no allegation of credit on non-received inputs or non-paid duty. The demand remained barred by limitation and the penalty was quashed. Case-Laws Central Excise Sat, 10 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=91588