https://www.taxtmi.com/caselaws?id=118278 Modvat credit on moulds was examined in relation to a second financial year when the moulds were no longer in the assessee's possession. The amendment in Rule 4(2)(b) of the Cenvat Credit Rules, 2002 was treated as prospective from 1-10-2003, so the earlier position continued to govern the disputed period and credit was denied. On penalty, the short life of the moulds and the surrounding circumstances were treated as sufficient reason to hold that penalty was not justified, and it was set aside. en-us Mon, 05 Jun 2006 00:00:00 +0530 Fri, 29 Jun 2012 16:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118278 Modvat credit on moulds was examined in relation to a second financial year when the moulds were no longer in the assessee's possession. The amendment in Rule 4(2)(b) of the Cenvat Credit Rules, 2002 was treated as prospective from 1-10-2003, so the earlier position continued to govern the disputed period and credit was denied. On penalty, the short life of the moulds and the surrounding circumstances were treated as sufficient reason to hold that penalty was not justified, and it was set aside. Case-Laws Central Excise Mon, 05 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118278