https://www.taxtmi.com/caselaws?id=120966 Cenvat credit on capital goods exported as such was held not liable to reversal on the facts of the case under Rule 3(4) of the Cenvat Credit Rules, 2002, because the departmental circular relied on referred to the erstwhile Central Excise Rules, 1944 and no corresponding reversal requirement was shown under the earlier regime. The Tribunal also noted that, if the capital goods had been exported on payment equal to the credit availed, the amount would have been refundable by rebate, making the situation revenue neutral. The disallowance of credit and the equal penalty were set aside. en-us Thu, 15 Feb 2007 00:00:00 +0530 Wed, 25 Jul 2012 16:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120966 Cenvat credit on capital goods exported as such was held not liable to reversal on the facts of the case under Rule 3(4) of the Cenvat Credit Rules, 2002, because the departmental circular relied on referred to the erstwhile Central Excise Rules, 1944 and no corresponding reversal requirement was shown under the earlier regime. The Tribunal also noted that, if the capital goods had been exported on payment equal to the credit availed, the amount would have been refundable by rebate, making the situation revenue neutral. The disallowance of credit and the equal penalty were set aside. Case-Laws Central Excise Thu, 15 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120966