https://www.taxtmi.com/caselaws?id=92176 Modvat credit on capital goods was examined under Rule 57Q read with Rule 57S, and eligibility was held to depend on the combined reading of those provisions. The later Tribunal view in M.M. Forgings, based on the Supreme Court's ruling in Rajasthan State Chemicals Works, was treated as the governing interpretation, while the earlier contrary view in Velathal Spinning Mills was not regarded as the settled position. A pending reference before the High Court did not suspend the legal force of the later Tribunal ruling. On that basis, credit on the disputed items was sustained and the Revenue challenge failed. en-us Wed, 11 Aug 1999 00:00:00 +0530 Tue, 25 Oct 2011 12:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92176 Modvat credit on capital goods was examined under Rule 57Q read with Rule 57S, and eligibility was held to depend on the combined reading of those provisions. The later Tribunal view in M.M. Forgings, based on the Supreme Court's ruling in Rajasthan State Chemicals Works, was treated as the governing interpretation, while the earlier contrary view in Velathal Spinning Mills was not regarded as the settled position. A pending reference before the High Court did not suspend the legal force of the later Tribunal ruling. On that basis, credit on the disputed items was sustained and the Revenue challenge failed. Case-Laws Central Excise Wed, 11 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92176