https://www.taxtmi.com/caselaws?id=51873 The Appellate Tribunal ruled in favor of the appellants in a case concerning the admissibility of Modvat credit on High Speed Diesel Oil (HSD oil). The Tribunal found that although the Finance Act, 2000 restricted the availment of Modvat credit on HSD oil for a specified period, the Revenue failed to demand the wrongly availed credit within the required 30-day period. As the appellants reversed the credit within 30 days of the demand, no interest liability was imposed. Additionally, the Tribunal held that no penalty could be imposed for irregular availment of Modvat credit during the specified period, ultimately vacating the penalty and interest demands. en-us Tue, 01 Apr 2003 00:00:00 +0530 Wed, 29 Sep 2010 10:11:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51873 The Appellate Tribunal ruled in favor of the appellants in a case concerning the admissibility of Modvat credit on High Speed Diesel Oil (HSD oil). The Tribunal found that although the Finance Act, 2000 restricted the availment of Modvat credit on HSD oil for a specified period, the Revenue failed to demand the wrongly availed credit within the required 30-day period. As the appellants reversed the credit within 30 days of the demand, no interest liability was imposed. Additionally, the Tribunal held that no penalty could be imposed for irregular availment of Modvat credit during the specified period, ultimately vacating the penalty and interest demands. Case-Laws Central Excise Tue, 01 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51873