https://www.taxtmi.com/caselaws?id=117630 Under the earlier Cenvat regime, balance 50% credit on capital goods could be claimed in the subsequent financial year only if the goods remained in the manufacturer's possession and use. A later amendment and departmental clarification permitting balance credit on moulds and dies were treated as prospective, not retrospective. Because the moulds and dies had ceased to exist and were not in the assessee's possession or use in the relevant year, the balance credit was disallowed. Penalty was not justified where the assessee acted under a bona fide belief about eligibility, so the penal action was set aside. en-us Thu, 05 Jan 2006 00:00:00 +0530 Wed, 27 Mar 2024 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117630 Under the earlier Cenvat regime, balance 50% credit on capital goods could be claimed in the subsequent financial year only if the goods remained in the manufacturer's possession and use. A later amendment and departmental clarification permitting balance credit on moulds and dies were treated as prospective, not retrospective. Because the moulds and dies had ceased to exist and were not in the assessee's possession or use in the relevant year, the balance credit was disallowed. Penalty was not justified where the assessee acted under a bona fide belief about eligibility, so the penal action was set aside. Case-Laws Central Excise Thu, 05 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117630