https://www.taxtmi.com/caselaws?id=267235 MODVAT credit on bought-out goods required segregation and verification of statutory records to determine whether the items were inputs or capital goods and whether credit was merely taken or also utilised; the matter was remanded for fresh adjudication with opportunity to the assessee. The limitation objection was rejected, as it had not been decided in the earlier appellate round and could not be reopened at that stage. Penalty was held inapplicable for the period before 23.06.1996 because the relevant penal sub-rules came into force only from that date, though any other penal provision would still require due defence. en-us Mon, 21 Sep 2015 00:00:00 +0530 Mon, 02 Nov 2015 07:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267235 MODVAT credit on bought-out goods required segregation and verification of statutory records to determine whether the items were inputs or capital goods and whether credit was merely taken or also utilised; the matter was remanded for fresh adjudication with opportunity to the assessee. The limitation objection was rejected, as it had not been decided in the earlier appellate round and could not be reopened at that stage. Penalty was held inapplicable for the period before 23.06.1996 because the relevant penal sub-rules came into force only from that date, though any other penal provision would still require due defence. Case-Laws Central Excise Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267235