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2010 (7) TMI 858 - CESTAT NEW DELHICENVAT credit - shapes and sections falling under chapter sub-heading 7216.10 - capital goods or not? - Held that: - the components, spares and accessories of the goods which are meant for Serial No. (i) and (ii) of definition of capital goods, RULE 2(a), are only covered as capital goods as per the definition. Therefore, while it is true that moulds are to be considered as capital goods, because of nature of definition, the shapes and sections which have been used for fabrication of moulds cannot be treated as capital goods - denial of credit upheld. Extended period of limitation - Held that: - the demand is time barred also cannot be accepted as department was not privy to appellants using the inputs for manufacture of moulds as they have not claimed any exemption in respect of the moulds specifically in their ER I returns - the amount of penalty also reduced to ₹ 2,000/-. Appeal disposed off - decided partly in favor of assessee.
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