https://www.taxtmi.com/caselaws?id=51969 Unutilized Modvat credit reversed before issuance of the show cause notice did not attract penalty under Rule 57U(6) of the Central Excise Rules, 1944, because the credit had not been used and the penal consequence was unjustified. Interest under Rule 57U(8), however, remained payable for the period the amount stayed unpaid, continuing until the date of reversal or payment. The penalty was therefore set aside, while interest liability was sustained only up to the date of reversal/payment, resulting in partial relief to the assessee. en-us Wed, 30 Apr 2003 00:00:00 +0530 Wed, 29 Sep 2010 15:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51969 Unutilized Modvat credit reversed before issuance of the show cause notice did not attract penalty under Rule 57U(6) of the Central Excise Rules, 1944, because the credit had not been used and the penal consequence was unjustified. Interest under Rule 57U(8), however, remained payable for the period the amount stayed unpaid, continuing until the date of reversal or payment. The penalty was therefore set aside, while interest liability was sustained only up to the date of reversal/payment, resulting in partial relief to the assessee. Case-Laws Central Excise Wed, 30 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51969