https://www.taxtmi.com/caselaws?id=109832 Wrongful availment of Modvat credit attracts penalty under Rule 173Q(1)(bb) of the Central Excise Rules, 1944, where the availment is admitted. The filing of RT 12 returns with supporting invoices or bills of entry and reversal of credit after audit objection were treated as mitigating circumstances affecting only the quantum of penalty. The legal effect is that penalty remains leviable, but the authority may reduce it on the facts. On that basis, the penalty was moderated and limited relief was granted on quantum. en-us Thu, 10 Apr 2003 00:00:00 +0530 Thu, 12 Apr 2012 12:19:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109832 Wrongful availment of Modvat credit attracts penalty under Rule 173Q(1)(bb) of the Central Excise Rules, 1944, where the availment is admitted. The filing of RT 12 returns with supporting invoices or bills of entry and reversal of credit after audit objection were treated as mitigating circumstances affecting only the quantum of penalty. The legal effect is that penalty remains leviable, but the authority may reduce it on the facts. On that basis, the penalty was moderated and limited relief was granted on quantum. Case-Laws Central Excise Thu, 10 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109832