https://www.taxtmi.com/caselaws?id=116336 An importer who discharges customs duty by debit in DEPB is treated as having availed the corresponding exemption benefit under the relevant EXIM Policy and Notification No. 34/97-Cus., so Modvat credit of countervailing duty is not admissible to that extent. The cited Larger Bench view controlled the issue, and the credit claim was rejected in favour of the Revenue. The nominal penalty, however, was not justified on the facts and was set aside in favour of the assessee. Overall, the credit dispute was decided against the assessee, while penal consequences were deleted. en-us Fri, 03 Jun 2005 00:00:00 +0530 Mon, 11 Jun 2012 15:11:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116336 An importer who discharges customs duty by debit in DEPB is treated as having availed the corresponding exemption benefit under the relevant EXIM Policy and Notification No. 34/97-Cus., so Modvat credit of countervailing duty is not admissible to that extent. The cited Larger Bench view controlled the issue, and the credit claim was rejected in favour of the Revenue. The nominal penalty, however, was not justified on the facts and was set aside in favour of the assessee. Overall, the credit dispute was decided against the assessee, while penal consequences were deleted. Case-Laws Central Excise Fri, 03 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116336