https://www.taxtmi.com/caselaws?id=204139 Penalty was held sustainable where Modvat credit had been taken and utilised, and the inputs were later destroyed or became unusable without reversal of the credit. The liability to reverse arose once the inputs could no longer support the credit already availed, and mere reference in the balance sheet to disposal of raw materials did not amount to disclosure of that obligation or of the actual utilisation of credit. Failure to reverse the credit or repay it after destruction of the inputs, coupled with nondisclosure to the department, constituted suppression of facts with intent to evade duty and attracted penalty under the credit provisions. en-us Thu, 10 Mar 2011 00:00:00 +0530 Wed, 06 Jul 2011 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204139 Penalty was held sustainable where Modvat credit had been taken and utilised, and the inputs were later destroyed or became unusable without reversal of the credit. The liability to reverse arose once the inputs could no longer support the credit already availed, and mere reference in the balance sheet to disposal of raw materials did not amount to disclosure of that obligation or of the actual utilisation of credit. Failure to reverse the credit or repay it after destruction of the inputs, coupled with nondisclosure to the department, constituted suppression of facts with intent to evade duty and attracted penalty under the credit provisions. Case-Laws Central Excise Thu, 10 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204139