2005 (11) TMI 286

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.... the Respondent. [Order]. - This is an appeal filed by the Revenue against Order-in-Appeal passed by the Commissioner (Appeals) in the case of M/s. Marvel Industries Ltd., who are engaged in the manufacture of HDPE bags, sacks, fabrics etc., availing Modvat credit on inputs. A Show Cause Notice was issued to them on 13-2-2002, demanding Rs. 6,90,486/- (Rupees Six Lakhs Ninety Thousand Four H....

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....he reversal of the credit under Modvat scheme, it will not be just and fair to invoke the provisions of Section 11 AC for imposition of penalty". 3. The ld. Advocate reiterates that there are no provisions in Modvat scheme for the reversal of the credit under the Central Excise Law. Even then, as a responsible tax-payer, they had reversed their credit, once they came to know of their liabi....