https://www.taxtmi.com/caselaws?id=51271 Modvat credit taken on inputs was not rendered wrongful merely because the inputs were later destroyed in fire. Credit was valid when availed on receipt of goods intended for use in manufacture, and Rule 57-I(4) applied only where credit was taken wrongly through fraud, wilful misstatement, collusion, suppression of facts, or contravention with intent to evade duty. The corresponding interest provision under Rule 57-I(5) required the same conditions. In the absence of such wrongful availment, and with no finding of failure to maintain credit balance to the Revenue's prejudice, the penalty and interest demands were unsustainable. en-us Wed, 27 Feb 2002 00:00:00 +0530 Thu, 23 Sep 2010 17:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51271 Modvat credit taken on inputs was not rendered wrongful merely because the inputs were later destroyed in fire. Credit was valid when availed on receipt of goods intended for use in manufacture, and Rule 57-I(4) applied only where credit was taken wrongly through fraud, wilful misstatement, collusion, suppression of facts, or contravention with intent to evade duty. The corresponding interest provision under Rule 57-I(5) required the same conditions. In the absence of such wrongful availment, and with no finding of failure to maintain credit balance to the Revenue's prejudice, the penalty and interest demands were unsustainable. Case-Laws Central Excise Wed, 27 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51271