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2010 (6) TMI 424 - AT - Central ExciseCenvat credit - the appellants were served with a show cause notice on 10-6-08, proposing to disallow Modvat Credit of Rs. 1,42,78,588/- along with interest and imposition of penalty on the ground that since M/s. ITC Ltd. was not a financing company, the availment of Modvat Credit of the appellant was de-barred under Rule 4(3) of Cenvat Credit Rules, 2004 - Held that: - Rule 4(3) does not require procurement of capital goods from the financing company but is enabling and enlarging sub-rule allowing Modvat Credit even in those cases where the capital goods have been procured from a financing company - appellant is entitled to the benefit of Modvat Credit
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