https://www.taxtmi.com/caselaws?id=89126 Modvat credit on capital goods was allowed because the declaration under Rule 57T(1) was filed within the prescribed period counted from factory registration, not from earlier receipt of the machinery. The finding that a factory comes into legal existence only on Central Excise registration was upheld, so the assessee's declaration shortly after registration was treated as timely. A Board circular dealing with cases where registration had not yet been obtained was held to operate prospectively and did not override the assessee's compliance on the facts found. The Revenue's reliance on earlier receipt of the goods was rejected. en-us Tue, 21 Jul 1998 00:00:00 +0530 Fri, 23 Sep 2011 15:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=89126 Modvat credit on capital goods was allowed because the declaration under Rule 57T(1) was filed within the prescribed period counted from factory registration, not from earlier receipt of the machinery. The finding that a factory comes into legal existence only on Central Excise registration was upheld, so the assessee's declaration shortly after registration was treated as timely. A Board circular dealing with cases where registration had not yet been obtained was held to operate prospectively and did not override the assessee's compliance on the facts found. The Revenue's reliance on earlier receipt of the goods was rejected. Case-Laws Central Excise Tue, 21 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=89126