https://www.taxtmi.com/caselaws?id=106055 Modvat credit was treated as admissible on an electric furnace and its parts and accessories because the furnace was essential to the manufacture of electrical insulators and was used to bake the clay moulds during production. The earlier view that the furnace qualified as capital goods under Rule 57Q was upheld, and the later notification was regarded as clarificatory rather than creating a new entitlement. The governing principle applied was that goods essential to and used in the manufacturing process qualify as capital goods for Modvat credit purposes. en-us Fri, 28 Sep 2001 00:00:00 +0530 Mon, 12 Mar 2012 15:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106055 Modvat credit was treated as admissible on an electric furnace and its parts and accessories because the furnace was essential to the manufacture of electrical insulators and was used to bake the clay moulds during production. The earlier view that the furnace qualified as capital goods under Rule 57Q was upheld, and the later notification was regarded as clarificatory rather than creating a new entitlement. The governing principle applied was that goods essential to and used in the manufacturing process qualify as capital goods for Modvat credit purposes. Case-Laws Central Excise Fri, 28 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106055