https://www.taxtmi.com/caselaws?id=112617 Penalty under the Central Excise Rules was reduced where the goods were duly accounted for against cash payments, the related Modvat credit had lapsed, and no revenue loss was shown. On those facts, the penalty initially imposed was considered exorbitant and not commensurate with the established default. The penalty was therefore reduced to Rs. 10,000, while the remainder of the order was sustained. en-us Mon, 13 Sep 2004 00:00:00 +0530 Mon, 30 Apr 2012 18:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112617 Penalty under the Central Excise Rules was reduced where the goods were duly accounted for against cash payments, the related Modvat credit had lapsed, and no revenue loss was shown. On those facts, the penalty initially imposed was considered exorbitant and not commensurate with the established default. The penalty was therefore reduced to Rs. 10,000, while the remainder of the order was sustained. Case-Laws Central Excise Mon, 13 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112617