https://www.taxtmi.com/caselaws?id=90816 Modvat credit under Rule 57Q was treated as unavailable for capital goods used in manufacturing cotton yarn where cotton carded/combed emerged as a marketable intermediate product falling within the rule's exclusion. The Tribunal also held that Notification No. 60/94 contained no indication of retrospective operation and could not be applied to earlier periods. It followed the earlier two-Member view on marketability of the intermediate product, declined to reopen additional submissions, and applied the coordinate Bench decision on the facts before it. The departmental challenge was therefore accepted and the credit claim rejected. en-us Tue, 08 Dec 1998 00:00:00 +0530 Tue, 11 Oct 2011 17:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90816 Modvat credit under Rule 57Q was treated as unavailable for capital goods used in manufacturing cotton yarn where cotton carded/combed emerged as a marketable intermediate product falling within the rule's exclusion. The Tribunal also held that Notification No. 60/94 contained no indication of retrospective operation and could not be applied to earlier periods. It followed the earlier two-Member view on marketability of the intermediate product, declined to reopen additional submissions, and applied the coordinate Bench decision on the facts before it. The departmental challenge was therefore accepted and the credit claim rejected. Case-Laws Central Excise Tue, 08 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90816