https://www.taxtmi.com/caselaws?id=48866 Rule 57S governing moulds and dies controlled the general timing rule for Modvat credit on capital goods. Where moulds and dies were received in the factory, entered in the prescribed records, removal to a job worker was permitted, extensions were obtained when needed, and the conditions under the rule were complied with, the credit remained valid even though the items were not first installed or used in the manufacturer's own factory. Because the credit was reversed before utilisation and no actual misuse was shown, the alleged contravention could not sustain penalty. The assessee was therefore entitled to the credit and the penalty was set aside. en-us Thu, 14 Dec 2000 00:00:00 +0530 Sat, 07 Aug 2010 09:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48866 Rule 57S governing moulds and dies controlled the general timing rule for Modvat credit on capital goods. Where moulds and dies were received in the factory, entered in the prescribed records, removal to a job worker was permitted, extensions were obtained when needed, and the conditions under the rule were complied with, the credit remained valid even though the items were not first installed or used in the manufacturer's own factory. Because the credit was reversed before utilisation and no actual misuse was shown, the alleged contravention could not sustain penalty. The assessee was therefore entitled to the credit and the penalty was set aside. Case-Laws Central Excise Thu, 14 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48866