Cenvat Credit on leased Air separation plant

The Tribunal held that duty-paid machinery, equipment and components used in establishing an Air Separation Plant within the factory qualified for CENVAT credit as capital goods and inputs under the CENVAT Credit Rules, 2004. 

It further held that ownership of the machinery by a lessor, operational immovability of the integrated plant and the post-2009 amendment to the definition of "inputs" did not disentitle the manufacturer from availing credit.