CEGAT Tribunal Upholds Modvat Credit on Petroleum Products, Dismisses Revenue's Appeal

The Appellate Tribunal CEGAT, New Delhi rejected the revenue's appeal regarding Modvat credit on petroleum products. The Tribunal held that the respondents were entitled to take credit on furnace oil as per the rules applicable after 1-3-99, despite the revenue's contention for a 10% limit before that date. The appeal was dismissed with no issues found in the order-in-appeal.

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The Appellate Tribunal CEGAT, New Delhi heard an appeal regarding Modvat credit on petroleum products. The revenue contended that credit on furnace oil should be limited to 10% before 1-3-99. However, since the credit was availed after 1-3-99, the respondents were entitled to take credit as per the rules at that time. The appeal was rejected, finding no issue with the order-in-appeal.

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