https://www.taxtmi.com/caselaws?id=103746 Modvat credit on capital goods remained admissible even where the manufacturer operated under Notification No. 1/93 and cleared goods within the value-based exemption scheme. The notification was treated as granting only a partial exemption, with duty continuing to apply beyond the prescribed limit, so the final products could not be regarded as wholly exempt or as attracting a nil rate of duty. On that basis, Rule 57R(1) did not bar credit, and Rule 57R(2) would in any event protect the assessee if the notification were viewed as exempting the goods. The denial of credit was therefore unsustainable. en-us Tue, 30 Oct 2001 00:00:00 +0530 Fri, 24 Feb 2012 15:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103746 Modvat credit on capital goods remained admissible even where the manufacturer operated under Notification No. 1/93 and cleared goods within the value-based exemption scheme. The notification was treated as granting only a partial exemption, with duty continuing to apply beyond the prescribed limit, so the final products could not be regarded as wholly exempt or as attracting a nil rate of duty. On that basis, Rule 57R(1) did not bar credit, and Rule 57R(2) would in any event protect the assessee if the notification were viewed as exempting the goods. The denial of credit was therefore unsustainable. Case-Laws Central Excise Tue, 30 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103746