https://www.taxtmi.com/caselaws?id=115332 Rule 4(2) of the Cenvat Credit Rules allows only 50% credit on capital goods in the first financial year, with the balance available later. Where an assessee took the full credit within one year but reversed the excess after the objection was raised, denial of credit was held unsustainable and the consequential penalty could not survive. The disputed credit was therefore restored and the penalty set aside on the same footing as the underlying demand. en-us Thu, 07 Apr 2005 00:00:00 +0530 Sat, 26 May 2012 11:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115332 Rule 4(2) of the Cenvat Credit Rules allows only 50% credit on capital goods in the first financial year, with the balance available later. Where an assessee took the full credit within one year but reversed the excess after the objection was raised, denial of credit was held unsustainable and the consequential penalty could not survive. The disputed credit was therefore restored and the penalty set aside on the same footing as the underlying demand. Case-Laws Central Excise Thu, 07 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115332