9911796707
TMI Blog2006 (1) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of law X X X X Extracts X X X X X X X X Extracts X X X X ..... Rules, 2002, makes a distinction between the capital goods and components, spares and accessories. Inasmuch as in the present case the capital goods were in the shape of components and spares, they were entitled to full credit of 100%. They are also aggrieved with the facts that the authorities below have simply denied balance 50% credit without allowing them to take the same in the subsequent fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... between the capital goods and components, spares, etc. which the appellants has tried to make, refers only to the fact of possession of the capital goods by the assessee, i.e. the balance credit is allowable in the subsequent financial year if the capital goods are still in the possession of the assessee. However, the said condition is not applicable in respect of the components, spares and access ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the balance credit in the next financial year. 5. As regards the penalty, I find that the credit was taken on record and duly intimated to the officers. Taking of 100% credit can be on the basis of mis-interpretation of provisions of law and would not be attributed to any mala fide on the part of the appellants. As such, imposition of penalty upon them is not justified, the same is set asi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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