2006 (7) TMI 445

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..... der per : C.N.B. Nair, Member (T)].- Heard both sides and perused the records. 2. Though the matter today is listed for consideration of stay application only, we find that the appeal itself is required to be disposed of. Accordingly, after dispensing with the requirement of pre-deposit, we proceed with the appeal. 3. This case relates to denial of a Modvat credit of less than Rs. 17 .....

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..... pair, they were brought back and installed in July, 2004. Thus, the specific requirement of the capital goods being in use in the financial year is satisfied. The view taken by the lower authorities is clearly unreasonable inasmuch as, if CENVAT credit on capital goods is to be reversed each time a machine requires repair outside the factory, it would render the scheme of Cenvat credit for capital .....

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