https://www.taxtmi.com/caselaws?id=105617 Modvat credit was disallowed where it had been irregularly taken on imported goods, excess credit and undeclared inputs, and the duty demands founded on clandestine clearance and parallel invoices were sustained, subject to proof of export for the disputed consignment. Penalty under Section 11AC and interest under Section 11AB were set aside because they could not apply retrospectively to pre-insertion conduct. The penalty under Rule 57-I(4) was also quashed because the show-cause notice did not specifically allege fraud, wilful misstatement, collusion, suppression of facts or intent to evade duty. The remaining penalties were upheld in principle but reduced in quantum on account of reversal of credit and partial payment. en-us Mon, 31 Dec 2001 00:00:00 +0530 Tue, 06 Mar 2012 15:47:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105617 Modvat credit was disallowed where it had been irregularly taken on imported goods, excess credit and undeclared inputs, and the duty demands founded on clandestine clearance and parallel invoices were sustained, subject to proof of export for the disputed consignment. Penalty under Section 11AC and interest under Section 11AB were set aside because they could not apply retrospectively to pre-insertion conduct. The penalty under Rule 57-I(4) was also quashed because the show-cause notice did not specifically allege fraud, wilful misstatement, collusion, suppression of facts or intent to evade duty. The remaining penalties were upheld in principle but reduced in quantum on account of reversal of credit and partial payment. Case-Laws Central Excise Mon, 31 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105617