2007 (11) TMI 525

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..... On matter being called neither anybody appeared nor there is any adjournment request in spite of notice of hearing having been sent well in advance. Accordingly, I have heard the learned DR and have gone through the impugned order. 2. The short issue involved in the present appeal is as to whether the appellant is entitled to avail Modvat credit on the basis of credit notes issued by them. Th .....

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..... dit Rules. Hence, credit availed by the appellants on their own credit note issued to the buyers is irregular and the same is required to be recovered along with interest. Further since the credit note is a document by which the appellants have returned some amount of value or have given the credit of the amount to the buyers, therefore taking modvat credit on these documents is totally against th .....

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..... However, taking into consideration the appellant s plea that the law at that stage was at the initial stage and as such caused confusion and the credit was wrongly availed without any mala fide intention, I reduce the personal penalty imposed to 25% of the duty amount. But for reduction in the quantum of penalty as indicated above, the appeal is otherwise rejected. (Dictated and pronounced in C .....

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