2003 (8) TMI 389 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, New Delhi stayed the recovery of penalty imposed on M/s. U.P. State Sugar Corporation Limited. The appeal was taken up for disposal regarding Modvat credit on capital goods. The Tribunal ruled in favor of the Appellants, stating that no penalty is imposable as the Modvat credit was taken after filing the declaration as required by Rule 57T. The appeal was allowed, and the impugned order was set aside.