https://www.taxtmi.com/caselaws?id=53332 Penalty for irregular availment of Modvat credit on capital goods before installation was held unwarranted where the credit was not utilised for payment of duty, no revenue loss was shown, and the entry was promptly reversed after the irregularity was pointed out. Mere booking of credit in the accounts, without use or demonstrated intent to evade duty, was treated as insufficient to attract penal consequences. The penalty order was therefore set aside in favour of the assessee. en-us Fri, 13 Feb 2004 00:00:00 +0530 Tue, 12 Oct 2010 16:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53332 Penalty for irregular availment of Modvat credit on capital goods before installation was held unwarranted where the credit was not utilised for payment of duty, no revenue loss was shown, and the entry was promptly reversed after the irregularity was pointed out. Mere booking of credit in the accounts, without use or demonstrated intent to evade duty, was treated as insufficient to attract penal consequences. The penalty order was therefore set aside in favour of the assessee. Case-Laws Central Excise Fri, 13 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53332