https://www.taxtmi.com/caselaws?id=211321 MODVAT credit taken on fabricated invoices issued by a unit that had not carried on manufacturing activity was treated as inadmissible, and reversal of credit, interest and penalty followed. The notice and adjudication were issued after the introduction of Rule 57-I(4) and Rule 57-I(5), and the binding High Court ruling held that penalty under Rule 57-I(4) was mandatory and could not be avoided merely because the rules came into force on 23-7-1996. The appellant's factual distinction did not displace that ruling, so the order affirming interest and penalty was sustained. en-us Thu, 25 Aug 2011 00:00:00 +0530 Fri, 14 Aug 2015 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211321 MODVAT credit taken on fabricated invoices issued by a unit that had not carried on manufacturing activity was treated as inadmissible, and reversal of credit, interest and penalty followed. The notice and adjudication were issued after the introduction of Rule 57-I(4) and Rule 57-I(5), and the binding High Court ruling held that penalty under Rule 57-I(4) was mandatory and could not be avoided merely because the rules came into force on 23-7-1996. The appellant's factual distinction did not displace that ruling, so the order affirming interest and penalty was sustained. Case-Laws Central Excise Thu, 25 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211321