https://www.taxtmi.com/caselaws?id=336679 The Tribunal upheld the penalty imposition under Rule 173Q of the Central Excise Rules, 1944, against the Appellants for availing MODVAT Credit on exported goods without meeting the necessary conditions. Despite the Appellants' repayment of the MODVAT Credit and interest, a penalty of Rs. 5,000 was deemed appropriate for the contravention. The Tribunal acknowledged the rectification efforts but emphasized the importance of upholding the law. As a result, the penalty was reduced to Rs. 5,000, partially granting relief to the Appellants from the initial penalty amount. en-us Thu, 22 Sep 2016 00:00:00 +0530 Mon, 06 Feb 2017 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336679 The Tribunal upheld the penalty imposition under Rule 173Q of the Central Excise Rules, 1944, against the Appellants for availing MODVAT Credit on exported goods without meeting the necessary conditions. Despite the Appellants' repayment of the MODVAT Credit and interest, a penalty of Rs. 5,000 was deemed appropriate for the contravention. The Tribunal acknowledged the rectification efforts but emphasized the importance of upholding the law. As a result, the penalty was reduced to Rs. 5,000, partially granting relief to the Appellants from the initial penalty amount. Case-Laws Central Excise Thu, 22 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336679