https://www.taxtmi.com/caselaws?id=95995 Where duty liability is fully disclosed in settlement proceedings, accepted by the applicants, and paid before final disposal, immunity from prosecution and penal liability may be granted under the settlement power. The settlement body also held that wrongly availed Modvat credit could not remain without interest consequences, and applied the relevant interest provisions to the inadmissible credits. Immunity from prosecution and penalty was therefore granted, while simple interest at 10% per annum was imposed on the inadmissible credit in favour of Revenue. en-us Thu, 12 Apr 2001 00:00:00 +0530 Fri, 16 Dec 2011 15:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95995 Where duty liability is fully disclosed in settlement proceedings, accepted by the applicants, and paid before final disposal, immunity from prosecution and penal liability may be granted under the settlement power. The settlement body also held that wrongly availed Modvat credit could not remain without interest consequences, and applied the relevant interest provisions to the inadmissible credits. Immunity from prosecution and penalty was therefore granted, while simple interest at 10% per annum was imposed on the inadmissible credit in favour of Revenue. Case-Laws Central Excise Thu, 12 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95995