https://www.taxtmi.com/caselaws?id=95948 Inadmissible Modvat credit taken on inputs not received in the factory, and on damaged inputs not used in manufacture, justified the sustained central excise duty demand. The Tribunal accepted that the duty liability was not contested and maintained the demand. For penalties, the prolonged retention of such credit showed that the conduct was not bona fide, but the facts warranted moderation rather than the full penal burden. The penalty under Rule 57-I(4) was reduced to Rs. 20,00,000, and the penalty under Rule 173Q was set aside. en-us Fri, 16 Feb 2001 00:00:00 +0530 Fri, 16 Dec 2011 12:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95948 Inadmissible Modvat credit taken on inputs not received in the factory, and on damaged inputs not used in manufacture, justified the sustained central excise duty demand. The Tribunal accepted that the duty liability was not contested and maintained the demand. For penalties, the prolonged retention of such credit showed that the conduct was not bona fide, but the facts warranted moderation rather than the full penal burden. The penalty under Rule 57-I(4) was reduced to Rs. 20,00,000, and the penalty under Rule 173Q was set aside. Case-Laws Central Excise Fri, 16 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95948