CENVAT Credit on Capital Goods: Clarification on 50% Credit Claim and Procedural Requirements Under Subordinate Legislation.

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....CENVAT Credit - availing 50% credit on capital goods after absolute exemption - Restriction of availment of 50% in the first financial year and the balance subsequently, is only a procedural compulsion brought about by sub-ordinate legislation. However that cannot take away the right of availment of credit that is vested with the appellant at the time when goods were received in the factory.....