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of <h1>Tribunal rules in favor of respondent on Modvat credit denial for capital goods under Rule 57AC.</h1> <h3>COMMR. OF C. EX., AURANGABAD Versus RISHI STEELS & ALLOYS PVT. LTD.</h3> The Tribunal dismissed the Revenue's appeal regarding the denial of Modvat credit on capital goods received before 1-4-2000 under the compounded levy ... Cenvat/Modvat The Revenue appealed the denial of Modvat credit on capital goods received before 1-4-2000 under the compounded levy scheme. The Tribunal ruled in favor of the respondent, stating that Rule 57AC allows credit up to 50% in the financial year 2000-01, even if machinery was received before 1-4-2000 but installed after. The appeal was dismissed.
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