2003 (3) TMI 376 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai dismissed the revenue's appeal challenging the dropping of demand but imposition of penalty on the assessee for Modvat credit issue. The Tribunal ruled that the circular governing subsidiary certificates did not bind the assessee, and physical receipt of inputs and modvatable documents need not be simultaneous. The appeal was dismissed as the allegations of mala fide were unfounded.