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2001 (1) TMI 583 - AT - Central Excise
The Appellate Tribunal CEGAT, Mumbai dismissed the appeal against the denial of Modvat credit for air conditioner and air compressor, confirming the Assistant Commissioner's decision and penalty imposition. The Tribunal held that the items in question qualify as capital goods under Rule 57Q, despite pending reference applications in the High Court. The Tribunal emphasized that until superior forums set aside previous orders, they remain binding, leading to the dismissal of the appeal and stay petition.
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