https://www.taxtmi.com/caselaws?id=53258 The penalty and interest imposed on the appellants for denial of Modvat credit on Lubricating Oil and Nitrogen Gas were set aside. The authorities disallowed the credit, but the appellants agreed to reverse it within a month. The Commissioner (Appeals) recognized that the credit on Lubricating Oil was not utilized by the appellants, leading to the conclusion that penalties under Section 11AC were not applicable. The appellants were directed to reverse the credit within a month, with potential liability for interest if not complied with. The appeal was disposed of accordingly. en-us Wed, 09 Jun 2004 00:00:00 +0530 Mon, 11 Oct 2010 17:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53258 The penalty and interest imposed on the appellants for denial of Modvat credit on Lubricating Oil and Nitrogen Gas were set aside. The authorities disallowed the credit, but the appellants agreed to reverse it within a month. The Commissioner (Appeals) recognized that the credit on Lubricating Oil was not utilized by the appellants, leading to the conclusion that penalties under Section 11AC were not applicable. The appellants were directed to reverse the credit within a month, with potential liability for interest if not complied with. The appeal was disposed of accordingly. Case-Laws Central Excise Wed, 09 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53258