https://www.taxtmi.com/caselaws?id=104963 Modvat credit under Rule 57Q was analysed for an item classified under heading 9032.80, with the stated position that it was not shown to be a specified capital good and was not proved to be a component, spare or accessory of any specified goods in the annexed table. On that basis, the credit was treated as inadmissible and the disallowance sustained. The penalty question was treated separately: where credit was taken under a bona fide interpretation of eligibility and no mala fide was established, penal consequences were considered unwarranted. The penalty was therefore set aside. en-us Mon, 12 Aug 2002 00:00:00 +0530 Thu, 01 Mar 2012 18:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104963 Modvat credit under Rule 57Q was analysed for an item classified under heading 9032.80, with the stated position that it was not shown to be a specified capital good and was not proved to be a component, spare or accessory of any specified goods in the annexed table. On that basis, the credit was treated as inadmissible and the disallowance sustained. The penalty question was treated separately: where credit was taken under a bona fide interpretation of eligibility and no mala fide was established, penal consequences were considered unwarranted. The penalty was therefore set aside. Case-Laws Central Excise Mon, 12 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104963