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2010 (12) TMI 727 - AT - Central ExciseReversal of such Cenvat Credit - Revenue officers came to the conclusion that the appellants having not informed the Department regarding the receipt of these goods in the factory premises could not have availed the Cenvat Credit and cleared the same - It is also his submission that there is no time limit prescribed for availment of the credit in the current Cenvat Credit Rules and reversal of Cenvat Credit before utilization amounts to non-taking of credit - It is undisputed that the capital goods which were procured and purchased by the appellants were for captive co-generation power plant - If that be so, the credit availed by the appellants on the said co-generation power plant and subsequent removal of the same ‘as such’ cannot be faulted with Credit on the parts of the power plant for assembling of power plant for generation of electricity - Tribunal in the case of Grasim Industries Ltd. has clearly laid down that Cenvat Credit cannot be denied on the items which were used for assembling captive power generation plant and the power plant satisfied the criteria for the definition of ‘capital goods’ - When the law is settled on the issue, there is no justification to deny the credit on the ground that it is availed after a long time - Appeal is allowed
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