2004 (1) TMI 219

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..... redit of the duty paid on a Bill of Entry (i.e. both Basic Customs Duty CVD). On being pointed out vide letter dt. 16-12-1997, they, on 18-12-1997, reversed the amount equivalent to the Basic duty of Customs, since credit of that amount was not eligible, it being not a specified duty under Modvat. Proceedings were initiated against the appellants and they were imposed a penalty of Rs. 26 lakhs a .....

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..... al of the order impugned indicates that there has been not only a credit entry taken but the credits have been availed resulting in goods cleared being found to be without payment of duty. The plea of inadvertence and oversight as pleaded has been rightly rejected by the Adjudicator who has considered the status of the assessee herein. Penalty in this case has to be upheld. However, keeping in min .....

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