2002 (1) TMI 583 - AT - Central Excise

Summary

The appeal by M/s. Bharat Heavy Electricals Ltd. was regarding a penalty imposed for misuse of Modvat credit. The penalty of Rs. 23,45,462 was reduced to Rs. 10 lakhs by the Appellate Tribunal CEGAT, Bangalore. The penalty was imposed under Rules 57-I(4) and 57U(6) of the Central Excise Rules, 1944. The Tribunal took a lenient view due to the mistake being rectified.