9911796707
TMI Blog2014 (2) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... sh Ostwal, CA JUDGEMENT Per: Ashok Jindal: The brief facts of the case are that the respondent is a manufacturer of audio video CD. During the period 2003-04, the respondent procured capital goods on which duty was paid by them. The respondent took credit of whole of the duty paid on capital goods in the same financial year. The revenue is of the view that as per Rule 4(2)(a) and 4(2)(b) respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith Rule 4(2)(a) and 4(2)(b). Therefore they are entitled for the credit. This is factually incorrect. Therefore, impugned order is to be set aside and adjudicating authority's order is to be confirmed. 4. The ld. consultant on behalf of the respondent submits that the respondent are entitled to avail CENVAT Credit of the whole of the amount of the credit although 50% in the same year and 50% in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial year shall be taken only for an amount not exceeding fifty per cent. of the duty paid on such capital goods in the same financial year: Provided that the CENVAT credit in respect of capital goods shall be allowed for the whole amount of the duty paid on such capital goods in the same financial year if such capital goods are cleared as such in the same financial year. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial year in which the capital goods have been procured and remaining 50% of duty paid on capital goods is entitled as CENVAT credit in the subsequent year. As in this case, the respondent have availed the CENVAT credit of 100% of the duty paid on capital goods in the year in which the capital goods have been procured. Therefore, I hold that the respondents are not entitled to take credit more ..... X X X X Extracts X X X X X X X X Extracts X X X X
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