2005 (1) TMI 146

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..... f the order of the Commissioner of Central Excise (Appeals), who has disallowed the capital goods credit of Rs. 1,45,15,981/- on Circular Knitting machines and Flat Bed Knitting machines during the period February 1999 to June 1999 and reduced the penalty imposed upon the appellants herein by the Assistant Commissioner from Rs. 7.00 lakhs to Rs. 5.00 lakhs. The credit has been disallowed on the gr .....

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..... Rule 57R(1) is not attracted against the appellants. We find that similar issue had come up before the Tribunal in the decision of the Tribunal in the case of Commissioner of Central Excise, Bhopal v. M/s. Bhaskar Industries Limited - 2003 (54) RLT 301 and the Tribunal held that since there is no time limit for utilization of credit, the credit on capital goods received during the second phase and .....

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