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2015 (1) TMI 1182 - CESTAT KOLKATAWaiver of Cenvat credit - penalty imposed under Rule 57U(6) - Held that:- Period involved in the present case is from August, 1995 to February, 1997. Undisputedly, during the relevant period, in accordance with sub-rule (5) of Rule 57R and/or sub-rule (8) of Rule 57R, the assessee, who avails Modvat credit on capital goods and claim the value of such capital goods as revenue expenditure, then, they were barred from availing the benefits of Modvat credit on the capital goods. I also find that this position has been changed retrospectively by virtue of Section 149 of the Finance Act, 2003. In view of the above retrospective amendment, I do not find any merit in the impugned order and accordingly, the same is set aside - Decided in favour of assessee.
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