2003 (8) TMI 370 - AT - Central Excise

Summary

The Appellate Tribunal CESTAT, New Delhi stayed the recovery of penalty imposed on M/s. U.P. State Sugar Corporation Limited. The appeal involved Modvat credit for capital goods received in November and December 1997, with the declaration filed in January 1998. The Tribunal ruled in favor of the Appellants, stating that no penalty is imposable as the credit was taken after filing the declaration, as per Rule 57T and Circular No. 181/15/96-CX. The impugned order was set aside, and the appeal was allowed.