https://www.taxtmi.com/caselaws?id=108076 Interest was payable on wrongly availed Modvat credit under the Central Excise Rules, 1944, even though the credit remained a book entry and was later reversed after a delay; non-utilisation did not defeat the interest demand. The factual contravention was sufficiently clear, so omission to cite the exact rule in the notice was not fatal. Penalty, however, could not be sustained at the full amount because the order gave no reasons for denying a lesser discretionary penalty, despite finding no bona fides; the penalty was therefore reduced to Rs. 50,000. en-us Tue, 14 Oct 2003 00:00:00 +0530 Wed, 28 Mar 2012 16:22:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108076 Interest was payable on wrongly availed Modvat credit under the Central Excise Rules, 1944, even though the credit remained a book entry and was later reversed after a delay; non-utilisation did not defeat the interest demand. The factual contravention was sufficiently clear, so omission to cite the exact rule in the notice was not fatal. Penalty, however, could not be sustained at the full amount because the order gave no reasons for denying a lesser discretionary penalty, despite finding no bona fides; the penalty was therefore reduced to Rs. 50,000. Case-Laws Central Excise Tue, 14 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108076