https://www.taxtmi.com/caselaws?id=49763 Modvat credit taken on inputs used in exempt clearances must be reversed, so the duty demand was sustained where old rollers were re-rubberised and cleared without duty. Suppression of the material fact that credit-bearing inputs were used in those clearances justified invocation of the extended period of limitation. Penal and interest provisions inserted later were not applied retrospectively to an earlier contravention, so the amended penalty and interest were not exigible for the relevant period. The personal penalty on the Managing Director was deleted because no specific role beyond overall management was established. en-us Tue, 07 Mar 2000 00:00:00 +0530 Tue, 17 Aug 2010 13:21:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49763 Modvat credit taken on inputs used in exempt clearances must be reversed, so the duty demand was sustained where old rollers were re-rubberised and cleared without duty. Suppression of the material fact that credit-bearing inputs were used in those clearances justified invocation of the extended period of limitation. Penal and interest provisions inserted later were not applied retrospectively to an earlier contravention, so the amended penalty and interest were not exigible for the relevant period. The personal penalty on the Managing Director was deleted because no specific role beyond overall management was established. Case-Laws Central Excise Tue, 07 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49763