https://www.taxtmi.com/caselaws?id=93536 Penalty equal to wrongly availed Modvat credit under Rule 57-I(4) was held unsustainable unless the department proved fraud, wilful mis-statement, collusion, suppression of facts, or contravention with intent to evade duty. Where the assessee reversed the credit voluntarily after detecting the mistake and there was no reliable evidence of deliberate evasion, the maximum penalty could not be imposed. On those facts, a penalty was still considered warranted, but only on a reduced basis, and the penalty was cut down to Rs. 5,000. en-us Mon, 17 Apr 2000 00:00:00 +0530 Mon, 14 Nov 2011 11:49:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=93536 Penalty equal to wrongly availed Modvat credit under Rule 57-I(4) was held unsustainable unless the department proved fraud, wilful mis-statement, collusion, suppression of facts, or contravention with intent to evade duty. Where the assessee reversed the credit voluntarily after detecting the mistake and there was no reliable evidence of deliberate evasion, the maximum penalty could not be imposed. On those facts, a penalty was still considered warranted, but only on a reduced basis, and the penalty was cut down to Rs. 5,000. Case-Laws Central Excise Mon, 17 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=93536