https://www.taxtmi.com/caselaws?id=48119 Transition from Modvat to Cenvat did not justify denying capital goods credit merely because the goods were received before 1-4-2000 and installed later. The credit entitlement was preserved by the transition rules read with the Board clarification, so the assessee could retain the benefit, but the credit had to be availed in accordance with the Cenvat scheme over the relevant financial periods. Penalty was not sustainable because the claim was founded on a reasonable interpretation of the transitional provisions and the available clarification, leaving no basis for penal action. en-us Tue, 29 Aug 2006 00:00:00 +0530 Thu, 24 Sep 2015 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48119 Transition from Modvat to Cenvat did not justify denying capital goods credit merely because the goods were received before 1-4-2000 and installed later. The credit entitlement was preserved by the transition rules read with the Board clarification, so the assessee could retain the benefit, but the credit had to be availed in accordance with the Cenvat scheme over the relevant financial periods. Penalty was not sustainable because the claim was founded on a reasonable interpretation of the transitional provisions and the available clarification, leaving no basis for penal action. Case-Laws Central Excise Tue, 29 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48119