https://www.taxtmi.com/caselaws?id=122780 Notification No. 5/94-C.E. (N.T.) was construed as restricting Modvat credit only for inputs derived from ships, boats and other floating structures manufactured in India. The phrase "as are manufactured in India" was read as qualifying the vessels themselves, not imported ships or the scrap generated from breaking them, because imported goods attract additional duty at the time of import. On that construction, scrap from breaking imported ships and floating structures fell outside the credit cap, and disallowance of excess Modvat credit was held unsustainable. en-us Wed, 29 Aug 2007 00:00:00 +0530 Fri, 17 Aug 2012 11:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122780 Notification No. 5/94-C.E. (N.T.) was construed as restricting Modvat credit only for inputs derived from ships, boats and other floating structures manufactured in India. The phrase "as are manufactured in India" was read as qualifying the vessels themselves, not imported ships or the scrap generated from breaking them, because imported goods attract additional duty at the time of import. On that construction, scrap from breaking imported ships and floating structures fell outside the credit cap, and disallowance of excess Modvat credit was held unsustainable. Case-Laws Central Excise Wed, 29 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122780