https://www.taxtmi.com/caselaws?id=122222 Capital goods received before 1-4-2000 but installed after that date were governed by the transitional credit rule under the Cenvat scheme, not by the earlier Modvat restriction on the quantum of credit. Rule 57AC(2)(c) specifically allowed 50% credit in 2000-01 for such goods, with the balance available later, so the prior 75% limitation could not be imported into the new regime. In an interpretative dispute over credit eligibility, equal penalty under Section 11AC of the Central Excise Act, 1944 was also treated as unjustified in the absence of a clear finding of wilful contravention. en-us Wed, 07 Feb 2007 00:00:00 +0530 Thu, 09 Aug 2012 15:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122222 Capital goods received before 1-4-2000 but installed after that date were governed by the transitional credit rule under the Cenvat scheme, not by the earlier Modvat restriction on the quantum of credit. Rule 57AC(2)(c) specifically allowed 50% credit in 2000-01 for such goods, with the balance available later, so the prior 75% limitation could not be imported into the new regime. In an interpretative dispute over credit eligibility, equal penalty under Section 11AC of the Central Excise Act, 1944 was also treated as unjustified in the absence of a clear finding of wilful contravention. Case-Laws Central Excise Wed, 07 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122222