https://www.taxtmi.com/caselaws?id=120480 Fraud, wilful misstatement or suppression of facts under Notification No. 53/2001 barred deemed Modvat credit, so the credit could be denied where short levy was established. However, once full excise duty was already being demanded, a separate demand for the same Modvat credit was not warranted and was set aside. The assessee's penalties were reduced because the Modvat component had already been disallowed and a further penalty on that basis was excessive. Personal penalty on the partner was upheld for intentional duty evasion, but the quantum was reduced in light of the overall circumstances. en-us Fri, 24 Nov 2006 00:00:00 +0530 Fri, 20 Jul 2012 12:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120480 Fraud, wilful misstatement or suppression of facts under Notification No. 53/2001 barred deemed Modvat credit, so the credit could be denied where short levy was established. However, once full excise duty was already being demanded, a separate demand for the same Modvat credit was not warranted and was set aside. The assessee's penalties were reduced because the Modvat component had already been disallowed and a further penalty on that basis was excessive. Personal penalty on the partner was upheld for intentional duty evasion, but the quantum was reduced in light of the overall circumstances. Case-Laws Central Excise Fri, 24 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120480