https://www.taxtmi.com/caselaws?id=52869 Cenvat credit on capital goods could be claimed in two stages: up to 50% in the year of receipt and the balance in a later financial year. The rule restricted only the credit available in the year of receipt; it did not cause unavailed credit to lapse. Where the assessee was under exemption when the capital goods were received and became eligible to opt for duty payment and the Cenvat scheme only in a later year, denial of credit merely because no credit was taken in the year of receipt was inconsistent with the rule. The 50% Cenvat credit was therefore allowable. en-us Fri, 14 May 2004 00:00:00 +0530 Mon, 28 Aug 2017 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52869 Cenvat credit on capital goods could be claimed in two stages: up to 50% in the year of receipt and the balance in a later financial year. The rule restricted only the credit available in the year of receipt; it did not cause unavailed credit to lapse. Where the assessee was under exemption when the capital goods were received and became eligible to opt for duty payment and the Cenvat scheme only in a later year, denial of credit merely because no credit was taken in the year of receipt was inconsistent with the rule. The 50% Cenvat credit was therefore allowable. Case-Laws Central Excise Fri, 14 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52869