https://www.taxtmi.com/caselaws?id=50419 Penalty for alleged wrongful availment and utilisation of Modvat credit could not survive once the credit was found admissible and the disallowance ground was held too flimsy. The appellate finding that the substantive basis for denying credit was unsustainable left no independent foundation for penalty, because the penalty rested entirely on the rejected disallowance. On that footing, the Tribunal set aside the penalty order and the assessee succeeded. en-us Mon, 01 Jan 2001 00:00:00 +0530 Sat, 21 Aug 2010 15:50:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50419 Penalty for alleged wrongful availment and utilisation of Modvat credit could not survive once the credit was found admissible and the disallowance ground was held too flimsy. The appellate finding that the substantive basis for denying credit was unsustainable left no independent foundation for penalty, because the penalty rested entirely on the rejected disallowance. On that footing, the Tribunal set aside the penalty order and the assessee succeeded. Case-Laws Central Excise Mon, 01 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50419