https://www.taxtmi.com/caselaws?id=122869 Rule 4(2)(b) of the Cenvat Credit Rules, 2002 permits the balance 50% Cenvat credit on capital goods to be taken in a later financial year, provided the goods are in the manufacturer's possession and use in that year. The rule does not require possession at the exact moment the credit entry is made. On the stated facts, the assessee had received the capital goods, taken only the initial credit, and retained possession and use in the relevant subsequent year, so the demand and credit denial were treated as unsustainable at the prima facie stage. Full waiver of duty demand and penalty was granted pending appeal. en-us Fri, 14 Sep 2007 00:00:00 +0530 Tue, 21 Aug 2012 12:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122869 Rule 4(2)(b) of the Cenvat Credit Rules, 2002 permits the balance 50% Cenvat credit on capital goods to be taken in a later financial year, provided the goods are in the manufacturer's possession and use in that year. The rule does not require possession at the exact moment the credit entry is made. On the stated facts, the assessee had received the capital goods, taken only the initial credit, and retained possession and use in the relevant subsequent year, so the demand and credit denial were treated as unsustainable at the prima facie stage. Full waiver of duty demand and penalty was granted pending appeal. Case-Laws Central Excise Fri, 14 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122869