https://www.taxtmi.com/caselaws?id=358839 Where excisable goods were allegedly not properly accounted for and ineligible MODVAT credit was taken, the Tribunal treated the later reversal of the disputed credit as curing the lapse because the remand required verification of sufficient credit and the duty liability had been neutralised. On that footing, and in the absence of prejudice to Revenue, confiscation and penalty under Rule 173Q were held not sustainable. The Tribunal also indicated that, on these facts, the default was remediable rather than one warranting penal action, so the confiscation and penalty were set aside. en-us Tue, 03 Apr 2018 00:00:00 +0530 Fri, 20 Apr 2018 05:55:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358839 Where excisable goods were allegedly not properly accounted for and ineligible MODVAT credit was taken, the Tribunal treated the later reversal of the disputed credit as curing the lapse because the remand required verification of sufficient credit and the duty liability had been neutralised. On that footing, and in the absence of prejudice to Revenue, confiscation and penalty under Rule 173Q were held not sustainable. The Tribunal also indicated that, on these facts, the default was remediable rather than one warranting penal action, so the confiscation and penalty were set aside. Case-Laws Central Excise Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358839