https://www.taxtmi.com/caselaws?id=113696 Capital goods remaining in the assessee's possession, and neither sold nor cleared, did not justify denial of Modvat credit under Rule 57S(1)(ii). The Tribunal treated the absence of transfer or clearance as decisive, and held that duty demand could not be sustained merely on the assumption that the goods attracted excise duty. On that factual basis, entitlement to credit was upheld and the Revenue's challenge failed. en-us Mon, 22 Sep 2003 00:00:00 +0530 Mon, 07 May 2012 17:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113696 Capital goods remaining in the assessee's possession, and neither sold nor cleared, did not justify denial of Modvat credit under Rule 57S(1)(ii). The Tribunal treated the absence of transfer or clearance as decisive, and held that duty demand could not be sustained merely on the assumption that the goods attracted excise duty. On that factual basis, entitlement to credit was upheld and the Revenue's challenge failed. Case-Laws Central Excise Mon, 22 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113696