2002 (6) TMI 413 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai allowed the appeal in part, setting aside the denial of Modvat credit of Rs. 1,51,547 due to failure to maintain account entries. The appellant was held liable for penalty but not for the denied credit as inputs were used in the finished product. The Tribunal cited previous cases to support its decision.