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2003 (3) TMI 219 - AT - Central ExciseExtract: .......ppellants are not eligible for the Modvat credit on the spares used in Ropeway. 8. As the issue involved in the present appeal is the interpretation of the term capital goods we hold that no penalty is imposable on the Appellants. Accordingly we set aside the penalty of Rs. 1 lakh imposed on the appellants. The appeal is disposed of in above terms.
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