2002 (8) TMI 484

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..... The dispute involved in the present appeal relates to the eligibility of two items i.e. Precicon Controller for HVR falling under tariff heading 9032.80 and Escort JCB 3DS Front end Loader falling under tariff heading 8429.00 as eligible Modvat capital goods. 2. Shri D.K. Saha, ld. Consultant appearing for the appellant withdraws the appeal in respect of Escort JCB 3DS Front end Loader an .....

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..... the said item is not available to the appellant. 3. As regards penalty, the appellants had prayed that there was no mala fide on their part and they had availed the credit by genuinely believing that the goods in question are eligible capital goods for the purposes of Modvat credit. Inasmuch as the issue involved bona fide interpretation of law, I find no justification for imposition of penalty .....

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