https://www.taxtmi.com/caselaws?id=110368 Irregular availment of Modvat credit may attract penalty even where the assessee reverses the credit promptly after departmental detection, but the quantum should reflect the technical nature of the lapse and the prompt correction. CESTAT, Kolkata, upheld penalty in principle on the main assessee but reduced it from the maximum to Rs. 2 lakhs, and set aside the personal penalties on co-appellants under Rule 209A of the Central Excise Rules, 1944 because no independent basis for those penalties survived once the principal penalty was scaled down. en-us Wed, 12 Nov 2003 00:00:00 +0530 Mon, 16 Apr 2012 14:45:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110368 Irregular availment of Modvat credit may attract penalty even where the assessee reverses the credit promptly after departmental detection, but the quantum should reflect the technical nature of the lapse and the prompt correction. CESTAT, Kolkata, upheld penalty in principle on the main assessee but reduced it from the maximum to Rs. 2 lakhs, and set aside the personal penalties on co-appellants under Rule 209A of the Central Excise Rules, 1944 because no independent basis for those penalties survived once the principal penalty was scaled down. Case-Laws Central Excise Wed, 12 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110368