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<h1>Revenue's Appeal Dismissed: Castings Qualify as Capital Goods</h1> The Revenue's appeal against the Commissioner (Appeals) order allowing Modvat credit for certain castings as capital goods was dismissed by the Tribunal. ... Modvat on capital goods - Tray castings The Revenue appealed against the Commissioner (Appeals) order allowing Modvat credit for Rail Castings, Roller Castings, and Tray Castings as capital goods. The Revenue argued that these goods were not part of the furnace or used in manufacturing. The Tribunal dismissed the appeal, stating that the trays were essential parts of the furnace for the manufacturing process, supported by the Board's Circular. The appeals were rejected, and cross-objections were disposed of accordingly.
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