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2017 (12) TMI 1234 - HC - Central ExciseWhether the Tribunal was right in holding that the provisions of Rule 57AC (2)(b) are applicable to deny the credit of balance of the 50 percent of duty paid on the said capital goods in the next financial year 2001-02 when there is no such provision in Rule 57A (2)(C)? Held that: - In this case, the Apex Court observed that Rule 57AC does not restrict grant of credit in a given financial year. Further, it was observed that whereas 50% of the credit can be taken in one financial year, the balance may be availed in subsequent years, subject to the condition that the capital goods are still in possession and use of manufacturer of the final products in the subsequent year - In the circumstances, the ultimate view taken by the Appellate Tribunal in the present case of confirming the demand of 50% credit availed by the appellant in the year 2001-02 cannot be faulted with, as admittedly, the capital goods were not used from December 2000 onwards. Appeal dismissed - decided against appellant.
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