https://www.taxtmi.com/caselaws?id=112958 Penalty was held unsustainable where Modvat credit had been taken on invoices issued by a dealer who was required to obtain registration under Notification No. 32/94, but the record showed no knowledge by the assessee of the dealer's non-registration and no inducement or conduct suggesting participation in that default. The invoices had been issued before the registration due date and were valid when issued, so no wrongful act could be attributed to the assessee and the purchasers were treated as bona fide purchasers. The penal consequence was set aside, but the disallowance of Modvat credit remained undisturbed. en-us Fri, 19 Mar 2004 00:00:00 +0530 Wed, 02 May 2012 18:44:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112958 Penalty was held unsustainable where Modvat credit had been taken on invoices issued by a dealer who was required to obtain registration under Notification No. 32/94, but the record showed no knowledge by the assessee of the dealer's non-registration and no inducement or conduct suggesting participation in that default. The invoices had been issued before the registration due date and were valid when issued, so no wrongful act could be attributed to the assessee and the purchasers were treated as bona fide purchasers. The penal consequence was set aside, but the disallowance of Modvat credit remained undisturbed. Case-Laws Central Excise Fri, 19 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112958