https://www.taxtmi.com/caselaws?id=221809 The case involved the confirmation of duty and imposition of penalties against M/s. Satvik Industries and M/s. Genius Electrical & Electronics (P) Ltd. for availing Modvat credit based on fraudulent invoices. The Tribunal determined that the utilization of the credit for payment of duty on final products, even if not manufactured, constituted a reversal of credit. M/s. Satvik Industries was directed to deposit Rs. 30 lakhs towards penalty, with the balance amount waived, while M/s. Genius Electrical & Electronics (P) Ltd. was required to deposit Rs. 16 lakhs. The collection of balance amounts was stayed pending the appeals. en-us Tue, 14 Feb 2012 00:00:00 +0530 Mon, 01 Apr 2013 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221809 The case involved the confirmation of duty and imposition of penalties against M/s. Satvik Industries and M/s. Genius Electrical & Electronics (P) Ltd. for availing Modvat credit based on fraudulent invoices. The Tribunal determined that the utilization of the credit for payment of duty on final products, even if not manufactured, constituted a reversal of credit. M/s. Satvik Industries was directed to deposit Rs. 30 lakhs towards penalty, with the balance amount waived, while M/s. Genius Electrical & Electronics (P) Ltd. was required to deposit Rs. 16 lakhs. The collection of balance amounts was stayed pending the appeals. Case-Laws Central Excise Tue, 14 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221809