https://www.taxtmi.com/caselaws?id=103897 Wrong availment of Modvat credit on capital goods was treated as a breach of the Modvat Rules, but immediate reversal of the credit after the defect was pointed out justified remission of penalty. The Larger Bench ruling in DCW Ltd. was applied to hold that rectification of the mistake could relieve the assessee from penal consequence even though the initial lapse remained a violation. Penalty was therefore not sustained and was remitted in favour of the assessee. en-us Tue, 08 Jan 2002 00:00:00 +0530 Fri, 24 Feb 2012 18:40:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103897 Wrong availment of Modvat credit on capital goods was treated as a breach of the Modvat Rules, but immediate reversal of the credit after the defect was pointed out justified remission of penalty. The Larger Bench ruling in DCW Ltd. was applied to hold that rectification of the mistake could relieve the assessee from penal consequence even though the initial lapse remained a violation. Penalty was therefore not sustained and was remitted in favour of the assessee. Case-Laws Central Excise Tue, 08 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103897