https://www.taxtmi.com/caselaws?id=51855 Credit on capital goods received before 1 April 2000 could still be treated as earned under the transitional provision in rule 57AG(1) even where the financing-company certificate was not produced, because the later clarification recognised such credit as available if not earlier availed. The credit, however, remained subject to the phased restriction under rule 57AC, so only 50% could be taken in the relevant financial year and the balance later. Penalty under section 11AC was not sustainable on these facts because the assessee's conduct did not show a deliberate wrongful availment of credit. en-us Mon, 24 Mar 2003 00:00:00 +0530 Tue, 28 Sep 2010 18:35:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51855 Credit on capital goods received before 1 April 2000 could still be treated as earned under the transitional provision in rule 57AG(1) even where the financing-company certificate was not produced, because the later clarification recognised such credit as available if not earlier availed. The credit, however, remained subject to the phased restriction under rule 57AC, so only 50% could be taken in the relevant financial year and the balance later. Penalty under section 11AC was not sustainable on these facts because the assessee's conduct did not show a deliberate wrongful availment of credit. Case-Laws Central Excise Mon, 24 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51855