2007 (4) TMI 102

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....ir factory on 17-12-2000 and 11-12-2000 and started production on 30-9-01. After crossing the small scale exemption limit, they started paying duty from January, 2002 and availed the entire credit of duty paid on the capital goods. The lower appellate authority has restricted the credit to 50%. Hence this appeal. 2. The ld. DR, Shri P.K. Das, who has incidentally passed the impugned order-in....

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....t Credit Rules, 2002, is very clear. It does not allow to a manufacturer the entire duty credit in the first year, in which the capital goods are received and the credit is restricted to an amount not exceeding 50%. In view of the fact that there is a maximum limit of 50%, a manufacturer has the liberty to utilize any amount of credit below that percentage or not avail any credit at all in the fir....