« From the Courts » Open DEMAT Account in 24 hrs  Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court «  SC: Vicco products are ayurvedic medicines, not cosmetics... SC: Amount of penalty should not be more than the chargeable... » SC: Consumer of capital goods cannot get the excise heading changed to claim Modvat credit December, 03rd 2007 The Supreme Court observed last week that a consumer of capital goods could not get the excise heading changed to claim Modvat credit after the manufacturer and the excise authorities classified the goods in a different category for tariff.   The court, thus, dismissed the appeal of Sarvesh Refractories Ltd against the ruling of the Excise and Service Tax Appellate Tribunal. The firm bought 'loadall', a material handling equipment like a forklift truck or crane, from Escorts JCB Ltd. The cost included the excise duty.   The firm then claimed Modvat credit, which was rejected by the authorities. After several appeals, the Supreme Court held that tax authorities were right.