https://www.taxtmi.com/caselaws?id=76355 Modvat/Cenvat credit was admissible on inputs used to manufacture a storage tank because the operative amendment to Rule 57AA expressly included storage tank within the definition of capital goods. As the relevant period fell after that amendment, inputs used in manufacturing capital goods further used in the factory qualified for credit under the scheme. Earlier Revenue decisions were distinguishable because they predated the insertion of storage tank into the rule. The prior denial of credit was therefore unsustainable, and the issue was decided in favour of the assessee. en-us Thu, 19 Nov 2009 00:00:00 +0530 Fri, 20 Nov 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76355 Modvat/Cenvat credit was admissible on inputs used to manufacture a storage tank because the operative amendment to Rule 57AA expressly included storage tank within the definition of capital goods. As the relevant period fell after that amendment, inputs used in manufacturing capital goods further used in the factory qualified for credit under the scheme. Earlier Revenue decisions were distinguishable because they predated the insertion of storage tank into the rule. The prior denial of credit was therefore unsustainable, and the issue was decided in favour of the assessee. Case-Laws Central Excise Thu, 19 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76355