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2013 (1) TMI 2 - CESTAT MUMBAICENVAT credit on capital goods - Remaining credit of 50% availed on subsequent financial year denied - the said bushings, after use, were re-exported for remaking - applicants engaged in manufacture of ‘Glass Fibre' by drawing the molten glass through the bushings - Held that:- Going through the Rule 4(2) of CRR 2004 the balance of CENVAT Credit may be taken in any financial year subsequent to the financial year in which the capital goods were received in the factory of the manufacturer, or in the premises of the provider of output service, if the capital goods, other than components, spares and accessories, refractories and refractory materials, moulds and dies and goods falling under heading 6805, grinding, wheels and the like, and parts thereof falling under heading 6804 of the first schedule to the Excise Tariff Act, are in the possession of the manufacturer of final products. The goods in question are components, which are entitled for capital goods credit. Hence in view of the provisions of Rule 4(2)(b), the condition that the same should be in possession of the manufacturer is not applicable to components. In view of this, the applicants made out a strong prima facie case for complete waiver of pre-deposit. Stay petition is allowed.
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