https://www.taxtmi.com/caselaws?id=211962 MODVAT credit on capital goods used to manufacture sliver/combed cotton, an intermediate product captively consumed in making dutiable cotton yarn, could not be denied merely because the intermediate heading was excluded under Rule 57Q. The decisive factor was that the intermediate product had no independent marketability or separate commercial existence, and excisability depends on goods being marketable and capable of sale. As the final product was cleared on payment of duty and the capital goods were used in the course of that dutiable manufacture, credit remained admissible. The Revenue's objection was rejected. en-us Tue, 28 Apr 2009 00:00:00 +0530 Thu, 05 Apr 2012 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211962 MODVAT credit on capital goods used to manufacture sliver/combed cotton, an intermediate product captively consumed in making dutiable cotton yarn, could not be denied merely because the intermediate heading was excluded under Rule 57Q. The decisive factor was that the intermediate product had no independent marketability or separate commercial existence, and excisability depends on goods being marketable and capable of sale. As the final product was cleared on payment of duty and the capital goods were used in the course of that dutiable manufacture, credit remained admissible. The Revenue's objection was rejected. Case-Laws Central Excise Tue, 28 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211962