https://www.taxtmi.com/caselaws?id=114509 Modvat credit on capital goods could not be denied to a de-bonded 100% EOU merely because the Rule 57T declaration was filed after three months from payment of duty. The capital goods were already in the unit's premises, duty had been paid after de-bonding, and Rule 57T was treated as applying to normal receipts of capital goods rather than to this distinct situation. As the Board circular did not prescribe a time limit and the delay was only a technical lapse, it did not operate as a substantive bar. Denial of credit was therefore unsustainable, and the assessee was entitled to Modvat credit. en-us Mon, 27 Sep 2004 00:00:00 +0530 Wed, 16 May 2012 13:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114509 Modvat credit on capital goods could not be denied to a de-bonded 100% EOU merely because the Rule 57T declaration was filed after three months from payment of duty. The capital goods were already in the unit's premises, duty had been paid after de-bonding, and Rule 57T was treated as applying to normal receipts of capital goods rather than to this distinct situation. As the Board circular did not prescribe a time limit and the delay was only a technical lapse, it did not operate as a substantive bar. Denial of credit was therefore unsustainable, and the assessee was entitled to Modvat credit. Case-Laws Central Excise Mon, 27 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114509