Mandatory compliance for capital goods credit bars condonation of delayed declaration beyond the prescribed rule limit.

Rule 57T declaration filed beyond the prescribed period could not be condoned because the authority lacked power to extend delay beyond the limit fixed by the Rules. Compliance with the statutory requirements for capital goods credit under Rule 57Q was mandatory, and the beneficial nature of the scheme could not override non-compliance with those conditions. The lower authority's refusal to condone the delay was therefore legally correct, and the assessee was not entitled to the claimed credit relief.

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Issues: Whether the assessee was entitled to condonation of delay in filing the declaration under Rule 57T and consequent relief in respect of capital goods credit under Rule 57Q.

Analysis: The declaration was filed beyond the prescribed period, and the authority had no power to condone delay beyond the limit permitted by the Rules. The requirements for availing the credit were mandatory, and the beneficial nature of the scheme could not override non-compliance with the statutory conditions. The order of the lower authority was found to be legally correct.

Conclusion: The request for condonation of delay was rightly rejected and the assessee was not entitled to the claimed relief.

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