https://www.taxtmi.com/caselaws?id=52312 Modvat credit on capital goods could not be denied merely because the assessee was not the owner of the fixtures and jigs. The Tribunal held that Board Circular No. 263/8/89 dated 01.03.1989 allowed such credit even in cases of non-ownership, and that the circular was binding on departmental authorities. The attempt to treat the earlier Tribunal view as per incuriam and to refer the matter to a Larger Bench was rejected for want of adequate basis. Credit denial solely on non-ownership was therefore unsustainable, and Modvat credit was admissible. en-us Fri, 11 Jul 2003 00:00:00 +0530 Tue, 05 Oct 2010 11:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52312 Modvat credit on capital goods could not be denied merely because the assessee was not the owner of the fixtures and jigs. The Tribunal held that Board Circular No. 263/8/89 dated 01.03.1989 allowed such credit even in cases of non-ownership, and that the circular was binding on departmental authorities. The attempt to treat the earlier Tribunal view as per incuriam and to refer the matter to a Larger Bench was rejected for want of adequate basis. Credit denial solely on non-ownership was therefore unsustainable, and Modvat credit was admissible. Case-Laws Central Excise Fri, 11 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52312