2004 (2) TMI 262

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..... er of Central Excise. Vide the impugned order the Commissioner imposed a penalty of Rs. 3.50 lakhs on the appellants. The ground for imposition of penalty was that the appellants had taken credit of Modvat in respect of capital goods even before their installation in their factory. The capital goods were received in the factory of the appellants vide invoice No. 366, dated 24-2-1997 and the credit .....

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..... lty is not warranted. They placed reliance on the judgment of the CEGAT reported in 2003 (156) E.L.T. 753 (Tri - Chennai) in the case of EID Parry (I) Ltd. v. Commissioner of Central Excise, Mumbai. 2. Heard both sides. 3. I have considered the rival submissions. In this case it is noticed that though the appellants had raised the credit of Rs. 14,15,573/-, on 4-4-1997 in their books of accoun .....

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