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CENVAT credit on qualifying capital goods remains available where an EPC contractor purchases the goods, invoices name the manufacturer as consignee, and the goods are received in the factory for installing a captive cogeneration plant indispensable to manufacture. Entitlement does not depend on the manufacturer owning the goods at receipt or purchasing them directly. Incorporation of the goods into an immovable captive plant after installation does not negate credit. Denial of credit solely because the contractor procured the capital goods is therefore unwarranted, and penalty does not arise on that basis.
CENVAT credit on qualifying capital goods remains available where an EPC contractor purchases the goods, invoices name the manufacturer as consignee, and the goods are received in the factory for installing a captive cogeneration plant indispensable to manufacture. Entitlement does not depend on the manufacturer owning the goods at receipt or purchasing them directly. Incorporation of the goods into an immovable captive plant after installation does not negate credit. Denial of credit solely because the contractor procured the capital goods is therefore unwarranted, and penalty does not arise on that basis.
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