https://www.taxtmi.com/caselaws?id=51529 Modvat credit was held admissible on jigs, fixtures and moulds received under a leave and licence arrangement when the goods were covered by valid duty-paying documents and used in manufacture; ownership by another entity was not treated as a disqualifying factor if the substantive credit conditions were met. The extended period of limitation was also found unavailable because the record showed compliance with credit formalities and no suppression of facts. On that basis, the demand, penalty and denial of credit could not be sustained, and relief was granted to the assessee on both merits and limitation. en-us Wed, 06 Mar 2002 00:00:00 +0530 Sat, 25 Sep 2010 12:32:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51529 Modvat credit was held admissible on jigs, fixtures and moulds received under a leave and licence arrangement when the goods were covered by valid duty-paying documents and used in manufacture; ownership by another entity was not treated as a disqualifying factor if the substantive credit conditions were met. The extended period of limitation was also found unavailable because the record showed compliance with credit formalities and no suppression of facts. On that basis, the demand, penalty and denial of credit could not be sustained, and relief was granted to the assessee on both merits and limitation. Case-Laws Central Excise Wed, 06 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51529