https://www.taxtmi.com/caselaws?id=107422 Modvat credit taken on imported inputs under a bona fide belief, and reversed before adjudication, did not justify penalty or interest. The Tribunal treated the absence of clandestine availment and the pre-order reversal as negating the penal basis, and followed its earlier view that credit taken with the Department's knowledge and under an honest claim of entitlement did not attract penalty. On the same reasoning, interest was also held not exigible. The assessee therefore succeeded, with penalty set aside and interest denied. en-us Thu, 14 Mar 2002 00:00:00 +0530 Thu, 22 Mar 2012 13:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107422 Modvat credit taken on imported inputs under a bona fide belief, and reversed before adjudication, did not justify penalty or interest. The Tribunal treated the absence of clandestine availment and the pre-order reversal as negating the penal basis, and followed its earlier view that credit taken with the Department's knowledge and under an honest claim of entitlement did not attract penalty. On the same reasoning, interest was also held not exigible. The assessee therefore succeeded, with penalty set aside and interest denied. Case-Laws Central Excise Thu, 14 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107422