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<h1>CEGAT rules fan coils not capital goods; Modvat credit disallowed. Tribunal sides with Respondents, rejects Revenue Appeal.</h1> The Appellate Tribunal CEGAT upheld the disallowance of Modvat credit on fan coils, ruling they are not capital goods, citing a previous case precedent. ... Modvat on capital goods The Appellate Tribunal CEGAT, New Delhi upheld the disallowance of Modvat credit of Rs. 5304 on fan coils, ruling they are not capital goods. The Tribunal cited a previous case where chilled water coils were considered capital goods. The Tribunal found in favor of the Respondents based on this precedent and rejected the Revenue Appeal.