https://www.taxtmi.com/caselaws?id=90902 Substantive compliance with Rule 57T(2) was sufficient where the assessee filed timely declarations containing detailed particulars of the capital goods, duty paid, date of receipt, intended use and final product, so denial of Modvat credit for alleged defective intimation was not justified. Modvat credit under Rule 57Q was available on the disputed capital goods, including boiler and parts, stabilizer, air compressor, control panels, transformer and carding machine, since the items fell within the eligible capital goods category and the relevant amendment operated prospectively. As the main credit denial failed, the penalty had to be scaled down and was reduced substantially. en-us Wed, 17 Mar 1999 00:00:00 +0530 Wed, 12 Oct 2011 13:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90902 Substantive compliance with Rule 57T(2) was sufficient where the assessee filed timely declarations containing detailed particulars of the capital goods, duty paid, date of receipt, intended use and final product, so denial of Modvat credit for alleged defective intimation was not justified. Modvat credit under Rule 57Q was available on the disputed capital goods, including boiler and parts, stabilizer, air compressor, control panels, transformer and carding machine, since the items fell within the eligible capital goods category and the relevant amendment operated prospectively. As the main credit denial failed, the penalty had to be scaled down and was reduced substantially. Case-Laws Central Excise Wed, 17 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90902