https://www.taxtmi.com/caselaws?id=3543 Modvat credit was held inadmissible where additional customs duty was discharged by debit entries in DEPB scrips under the governing notification, because the applicable policy allowed credit only when such duty was paid in cash. The assessee therefore could not claim credit on duty settled through DEPB adjustment. Penalty, however, was set aside because the claim arose in a period when Tribunal views were not settled and earlier decisions supported the assessee's stand. The breach was treated as technical and based on bona fide belief, not deliberate defiance or contumacious conduct. en-us Mon, 03 Dec 2007 00:00:00 +0530 Wed, 16 Apr 2008 19:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3543 Modvat credit was held inadmissible where additional customs duty was discharged by debit entries in DEPB scrips under the governing notification, because the applicable policy allowed credit only when such duty was paid in cash. The assessee therefore could not claim credit on duty settled through DEPB adjustment. Penalty, however, was set aside because the claim arose in a period when Tribunal views were not settled and earlier decisions supported the assessee's stand. The breach was treated as technical and based on bona fide belief, not deliberate defiance or contumacious conduct. Case-Laws Customs Mon, 03 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3543