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2017 (1) TMI 230 - AT - Central ExciseDenial of CENVAT credit - MS rods, Ms angles, channels, joists, beams, aluminium sheets etc. - denial for the reason that MS items like angles etc., do not fall within the definition of capital goods or inputs - Held that: - It is seen that the MS items have been used for fabrication of storage tanks which are used for storing water, chemicals, finished products, pulp etc. The definition of capital goods includes the word “storage tanks” - In the case of ICL Sugars Ltd., [2011 (4) TMI 1065 - KARNATAKA HIGH COURT ] the Hon’ble High Court of Karnataka had occasion to analyse whether storage tanks are capital goods and whether the credit is admissible even though they are fixed to the earth. The issue was held in favor of the assessee Credit allowed - appeal allowed - decided in favor of assessee.
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