2002 (2) TMI 675 - AT - Central Excise

Summary

The appellate tribunal considered the eligibility of Modvat credit taken by Indoco Remedies Pvt. Ltd. The tribunal upheld the denial of credit for invoices issued to a "loan licensee" but remanded the decision on credit based on endorsed invoices to the Asst. Commissioner for further review. The penalty imposed on the appellant was set aside due to lack of clarity in the system at the time.