https://www.taxtmi.com/caselaws?id=120623 On removal or transfer of capital goods on which Modvat credit had been taken, the liability is confined to reversal of the credit benefit already availed. The Tribunal held that duty is not payable at the prevailing rate on the date of clearance as if the goods were newly manufactured. Relying on the applicable rule and supporting case law, it accepted the view that the correct treatment is reversal of the credit at the relevant stage, not a fresh duty levy on transfer. The revenue appeal was rejected and the relief granted to the assessee was sustained. en-us Thu, 01 Feb 2007 00:00:00 +0530 Mon, 23 Jul 2012 10:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120623 On removal or transfer of capital goods on which Modvat credit had been taken, the liability is confined to reversal of the credit benefit already availed. The Tribunal held that duty is not payable at the prevailing rate on the date of clearance as if the goods were newly manufactured. Relying on the applicable rule and supporting case law, it accepted the view that the correct treatment is reversal of the credit at the relevant stage, not a fresh duty levy on transfer. The revenue appeal was rejected and the relief granted to the assessee was sustained. Case-Laws Central Excise Thu, 01 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120623