2001 (7) TMI 1090 - AT - Central Excise

Summary

The Appellate Tribunal upheld the disallowance of Modvat credit and penalties imposed on the appellants for availing credit on Iron Moulds sent to job worker without receiving them back. The penalty of Rs. 50,000 was upheld as the Modvat credit was wrongly availed, and the notice for penalty imposition was not time-barred. The appeal against the penalties was rejected.