https://www.taxtmi.com/caselaws?id=118734 Voluntary reversal of excess Modvat credit before issue of show cause notice, together with intimation to the department and recovery with interest, may justify reduction of penalty rather than full waiver or confirmation of the maximum penalty. Where the facts do not match a precedent supporting complete penalty relief, but also do not warrant full penal consequence, the penalty can be scaled down on a case-specific basis. On these facts, the penalty was reduced to Rs. 1,00,000 and the appeal succeeded only to that extent. en-us Tue, 05 Jul 2005 00:00:00 +0530 Thu, 05 Jul 2012 14:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118734 Voluntary reversal of excess Modvat credit before issue of show cause notice, together with intimation to the department and recovery with interest, may justify reduction of penalty rather than full waiver or confirmation of the maximum penalty. Where the facts do not match a precedent supporting complete penalty relief, but also do not warrant full penal consequence, the penalty can be scaled down on a case-specific basis. On these facts, the penalty was reduced to Rs. 1,00,000 and the appeal succeeded only to that extent. Case-Laws Central Excise Tue, 05 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118734