https://www.taxtmi.com/caselaws?id=101156 Penalty for misuse of Modvat credit may be reduced where the credit has been reversed and the mistake is admitted. The Tribunal took a lenient view on the surrounding facts, including the comparable reduction granted in an earlier similar matter, and modified the penalty on equitable grounds. While the impugned order was otherwise sustained, the penalty imposed under the Central Excise Rules, 1944 was scaled down because the case did not call for the full penal amount in light of the admitted lapse and subsequent reversal of credit. en-us Thu, 31 Jan 2002 00:00:00 +0530 Wed, 08 Feb 2012 17:41:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101156 Penalty for misuse of Modvat credit may be reduced where the credit has been reversed and the mistake is admitted. The Tribunal took a lenient view on the surrounding facts, including the comparable reduction granted in an earlier similar matter, and modified the penalty on equitable grounds. While the impugned order was otherwise sustained, the penalty imposed under the Central Excise Rules, 1944 was scaled down because the case did not call for the full penal amount in light of the admitted lapse and subsequent reversal of credit. Case-Laws Central Excise Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101156