https://www.taxtmi.com/caselaws?id=48227 Penalty under Rule 57-I(4) of the Central Excise Rules, 1944 was held unwarranted where Modvat credit was wrongly availed but immediately reversed on discovery of the mistake. The court found no fraud, wilful misstatement, collusion, suppression of facts, or intent to evade duty, and treated the prompt debit of the disputed credit as evidence against mala fides. On those facts, the statutory basis for penal action was absent, and the reduction of penalty was not interfered with. en-us Thu, 03 Feb 2005 00:00:00 +0530 Tue, 03 Aug 2010 12:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48227 Penalty under Rule 57-I(4) of the Central Excise Rules, 1944 was held unwarranted where Modvat credit was wrongly availed but immediately reversed on discovery of the mistake. The court found no fraud, wilful misstatement, collusion, suppression of facts, or intent to evade duty, and treated the prompt debit of the disputed credit as evidence against mala fides. On those facts, the statutory basis for penal action was absent, and the reduction of penalty was not interfered with. Case-Laws Central Excise Thu, 03 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48227