2005 (5) TMI 191 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, New Delhi ruled in favor of M/s. Modern Steels Ltd., setting aside the penalty of Rs. 25,000 imposed on them for availing Cenvat Credit incorrectly. The Tribunal found that the credit was initially taken as inputs and later changed to capital goods, hence no penalty was imposed. The appeal was allowed.