2004 (7) TMI 408

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..... , whereby the claim of the appellants to avail Modvat credit on capital goods has been rejected. The brief facts of the case are that the appellants had a balance credit of Rs. 1,48,899/- as on 31-3-2000, which was on account of the cap of 50% credit availment on capital goods that was permissible in the financial year of installation of capital goods in a factory. In other words, if the restricti .....

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..... . I note that the appellants have no case on merits. The credit of duty is available in respect of inputs on which duty has been paid and which are unutilised in the manufacture of finished goods, which are subjected to duty. It is true that no one to one co-relation is required. The fact, however, remains that the said goods are required to be utilised in the manufacture of final products on whic .....

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