https://www.taxtmi.com/caselaws?id=107433 Modvat credit was held unavailable to a ship-breaker for duty paid on fuel, lubricating oil and other stores removed from an imported ship before breaking up, following earlier Tribunal reasoning that only fuel and oil contained in the ship's engine and machinery qualified. The circular relied upon was treated as ambiguously worded and did not change the credit position. On the penalty issue, the Tribunal found that the ambiguity in the circular made the penalty unjustified on the facts, and the penalty was set aside. The result was denial of credit but relief from penalty. en-us Fri, 18 Oct 2002 00:00:00 +0530 Thu, 22 Mar 2012 14:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107433 Modvat credit was held unavailable to a ship-breaker for duty paid on fuel, lubricating oil and other stores removed from an imported ship before breaking up, following earlier Tribunal reasoning that only fuel and oil contained in the ship's engine and machinery qualified. The circular relied upon was treated as ambiguously worded and did not change the credit position. On the penalty issue, the Tribunal found that the ambiguity in the circular made the penalty unjustified on the facts, and the penalty was set aside. The result was denial of credit but relief from penalty. Case-Laws Central Excise Fri, 18 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107433