2015 (1) TMI 1182

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..... rule (8) of Rule 57R, the assessee, who avails Modvat credit on capital goods and claim the value of such capital goods as revenue expenditure, then, they were barred from availing the benefits of Modvat credit on the capital goods. I also find that this position has been changed retrospectively by virtue of Section 149 of the Finance Act, 2003. In view of the above retrospective amendment, I do n .....

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..... s in accordance with the law and under Rule 57Q of the erstwhile Central Excise Rules, 1944. He submits that the Department has proposed to deny the Modvat credit on such capital goods on the ground that in view of the sub-rule (5) of Rule 57R, the value being shown as revenue expenditure in their books of account, therefore, they would not be eligible for Modvat credit on such capital goods. He s .....

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..... ngly, after waiving the requirement of pre-deposit and with the consent of both sides, the appeal is taken up for final disposal. 5. I find that the period involved in the present case is from August, 1995 to February, 1997. Undisputedly, during the relevant period, in accordance with sub-rule (5) of Rule 57R and/or sub-rule (8) of Rule 57R, the assessee, who avails Modvat credit on capital goo .....

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