https://www.taxtmi.com/caselaws?id=366 The case involved a dispute over the denial of Modvat credit on Capital Goods and the imposition of a penalty for irregular Modvat credit availing. The Tribunal ruled in favor of the assessee, overturning the Commissioner's decision. It held that the denial of Modvat credit on Capital Goods was improper, and the penalty imposition was unnecessary. The Tribunal emphasized the potential future utilization of the Capital Goods and allowed the Modvat credit, rejecting the Revenue's appeal. en-us Wed, 28 Sep 2005 00:00:00 +0530 Sun, 13 Apr 2008 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366 The case involved a dispute over the denial of Modvat credit on Capital Goods and the imposition of a penalty for irregular Modvat credit availing. The Tribunal ruled in favor of the assessee, overturning the Commissioner's decision. It held that the denial of Modvat credit on Capital Goods was improper, and the penalty imposition was unnecessary. The Tribunal emphasized the potential future utilization of the Capital Goods and allowed the Modvat credit, rejecting the Revenue's appeal. Case-Laws Central Excise Wed, 28 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366