https://www.taxtmi.com/caselaws?id=92737 Modvat credit was treated as admissible for capital goods such as insulated wires and cables, air-conditioners, electric motors, electric apparatus, parts of cooling towers, and steel tanks and vessels, because earlier Tribunal decisions had recognised them within the scheme. Credit on capital goods used exclusively for manufacture of Chapter 52 goods and received before Chapter 52 goods were specified as final products was held barred by the Modvat provisions, and the disallowance was sustained. As some inadmissible credit had been taken, penalty was justified but reduced because part of the credit claim remained sustainable and the inadmissible credit had not been utilised. en-us Fri, 10 Sep 1999 00:00:00 +0530 Fri, 04 Nov 2011 16:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92737 Modvat credit was treated as admissible for capital goods such as insulated wires and cables, air-conditioners, electric motors, electric apparatus, parts of cooling towers, and steel tanks and vessels, because earlier Tribunal decisions had recognised them within the scheme. Credit on capital goods used exclusively for manufacture of Chapter 52 goods and received before Chapter 52 goods were specified as final products was held barred by the Modvat provisions, and the disallowance was sustained. As some inadmissible credit had been taken, penalty was justified but reduced because part of the credit claim remained sustainable and the inadmissible credit had not been utilised. Case-Laws Central Excise Fri, 10 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92737