https://www.taxtmi.com/caselaws?id=52196 Modvat credit reversal and interest could not be sustained where the inputs were admittedly exported and the only lapse was absence of prior Commissioner permission; the demand on that ground was set aside. The penalty was also found excessive in light of the completed export and procedural nature of the default, so it was reduced to a nominal amount. The decision treats a mere procedural infraction, without a substantive basis for denying credit, as insufficient to justify reversal of credit and interest, while still allowing limited penal consequence. en-us Thu, 03 Apr 2003 00:00:00 +0530 Mon, 04 Oct 2010 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52196 Modvat credit reversal and interest could not be sustained where the inputs were admittedly exported and the only lapse was absence of prior Commissioner permission; the demand on that ground was set aside. The penalty was also found excessive in light of the completed export and procedural nature of the default, so it was reduced to a nominal amount. The decision treats a mere procedural infraction, without a substantive basis for denying credit, as insufficient to justify reversal of credit and interest, while still allowing limited penal consequence. Case-Laws Central Excise Thu, 03 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52196