1997 (11) TMI 312 - AT - Central Excise

Summary

The appeal concerned Modvat credit for machines used in manufacturing cotton yarn under Tariff Heading 52.02. The Tribunal held that Modvat credit was not available when goods were received, but eligible from 21-10-1994 with a reduced credit rate. The machines were considered eligible capital goods for Modvat purposes. The lower authority's decision allowing Modvat credit for machines received before 21-10-1994 was upheld.