https://www.taxtmi.com/caselaws?id=92522 Penalty tied to Modvat credit denial was set aside because the basis for the penalty disappeared once the connected proceedings against the dealers ended in their favour. The assessee's voluntary deposit of the credit did not by itself bar it from contesting the dispute, and a letter expressing an intention not to contest did not extinguish a statutory right. On that footing, the Tribunal held that no question of law arose fit for reference to the High Court and rejected the reference application. en-us Mon, 04 Oct 1999 00:00:00 +0530 Wed, 02 Nov 2011 12:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92522 Penalty tied to Modvat credit denial was set aside because the basis for the penalty disappeared once the connected proceedings against the dealers ended in their favour. The assessee's voluntary deposit of the credit did not by itself bar it from contesting the dispute, and a letter expressing an intention not to contest did not extinguish a statutory right. On that footing, the Tribunal held that no question of law arose fit for reference to the High Court and rejected the reference application. Case-Laws Central Excise Mon, 04 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92522