https://www.taxtmi.com/caselaws?id=110445 Modvat credit on molasses used as a common input for both exempted and dutiable goods was disallowed because the manufacturer did not maintain separate inventory and accounts for inputs relatable to exempted clearances. The demand was sustained on that basis. Penalty was nevertheless deleted because the assessee had reversed amounts linked to exempted clearances and its conduct supported a bona fide belief that the rule was complied with, so penal consequences were not justified. en-us Fri, 19 Dec 2003 00:00:00 +0530 Mon, 16 Apr 2012 18:14:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110445 Modvat credit on molasses used as a common input for both exempted and dutiable goods was disallowed because the manufacturer did not maintain separate inventory and accounts for inputs relatable to exempted clearances. The demand was sustained on that basis. Penalty was nevertheless deleted because the assessee had reversed amounts linked to exempted clearances and its conduct supported a bona fide belief that the rule was complied with, so penal consequences were not justified. Case-Laws Central Excise Fri, 19 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110445