https://www.taxtmi.com/caselaws?id=54651 Modvat credit on water coolers used in the synthesis loop was claimed as capital goods credit because they condensed synthesis gas used to manufacture ammonia, the dutiable final product. Delayed filing of the declaration was explained, and the equipment's connection with an exempt intermediate product was not treated as a valid ground to deny credit where the rule-based conditions for capital goods credit were otherwise satisfied. The assessee was therefore entitled to Modvat credit on the water coolers. en-us Wed, 09 Nov 2005 00:00:00 +0530 Thu, 21 Oct 2010 12:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54651 Modvat credit on water coolers used in the synthesis loop was claimed as capital goods credit because they condensed synthesis gas used to manufacture ammonia, the dutiable final product. Delayed filing of the declaration was explained, and the equipment's connection with an exempt intermediate product was not treated as a valid ground to deny credit where the rule-based conditions for capital goods credit were otherwise satisfied. The assessee was therefore entitled to Modvat credit on the water coolers. Case-Laws Central Excise Wed, 09 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54651