2003 (5) TMI 186 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, Mumbai upheld a penalty of Rs. 2 lakhs on appellants for taking excess Modvat credit at 15% instead of the restricted 10%. The Tribunal ruled that the restriction of 10% under Notification No. 5/94 applied, and the penalty was reasonable due to the prolonged use of inadmissible credit. The appeal was dismissed.