2008 (7) TMI 423

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.... identically worded questions in both the appeals : "(a) Whether in the facts and circumstances of the case, the Tribunal is justified in holding that there was no allegation of deliberate act or omission on the part of the respondent for wrongly taking credit and holding it to be case of bona fide mistake, subsequently rectified despite evidence on record as regards wilful and wrongful availment....

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....ereafter the assessee paid the duty involved. While the original authority has chosen the duty already reversed by the assessee, imposed equal penalty and confirmed the interest of Rs. 4,65,936/-. Findings of the Commissioner (Appeals) for reducing the penalty and not confirming the interest are as follows :  'Now, I decide this appeal finally. I find from the records that the appellant had ....

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....missions of the appellant, the balance of convenience is in favour of appellant and clearly substantiates that there was no mala fide intention. However, I find that the appellant had taken wrong modvat credit and thereby violated the provisions of Modvat Rules of C. Ex. Rules, 1944. In view of my findings above, I reduce the penalty from Rs. 33,58,344/- to Rs. 1,00,000/- only.' (4) There is no a....

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....rial on the basis of which it is alleged that the assessee knowing well has taken Modvat credits wrongly. Till date, no material has come on record. Despite the matter having been called out thrice, the learned counsel for the appellant is absent at all the three calls. The request made on behalf of the learned counsel to pass over the matter was granted twice. 4. In the aforesaid circumstances, ....