https://www.taxtmi.com/caselaws?id=97218 Wrong availment of Modvat credit may still attract penalty even where the assessee promptly reverses the excess credit and discloses the mistake to the department. Immediate voluntary correction, coupled with no allegation of repeated misconduct or mala fide intent, can operate as a mitigating factor for penalty quantification. The penalty was upheld in principle, but its amount was substantially reduced as justified on the facts. en-us Fri, 10 Aug 2001 00:00:00 +0530 Sat, 14 Jan 2012 14:09:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97218 Wrong availment of Modvat credit may still attract penalty even where the assessee promptly reverses the excess credit and discloses the mistake to the department. Immediate voluntary correction, coupled with no allegation of repeated misconduct or mala fide intent, can operate as a mitigating factor for penalty quantification. The penalty was upheld in principle, but its amount was substantially reduced as justified on the facts. Case-Laws Central Excise Fri, 10 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97218