https://www.taxtmi.com/caselaws?id=113910 Modvat credit on a Ring Frame was held prima facie not barred under Rule 57R(3) because the hypothecation deed created only a charge for the financier and did not transfer absolute ownership, while the financier's letter confirmed that ownership remained with the manufacturer. On that basis, the statutory restriction for capital goods acquired on loan without transfer of property did not apply. The remaining credit was also treated as prima facie admissible under Rule 57Q, with the wider eligibility recognised by the Larger Bench ruling in Jawahar Mills as affirmed by the Supreme Court. Interim relief was therefore granted in full, protecting the assessee from immediate recovery. en-us Thu, 03 Jun 2004 00:00:00 +0530 Wed, 09 May 2012 11:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113910 Modvat credit on a Ring Frame was held prima facie not barred under Rule 57R(3) because the hypothecation deed created only a charge for the financier and did not transfer absolute ownership, while the financier's letter confirmed that ownership remained with the manufacturer. On that basis, the statutory restriction for capital goods acquired on loan without transfer of property did not apply. The remaining credit was also treated as prima facie admissible under Rule 57Q, with the wider eligibility recognised by the Larger Bench ruling in Jawahar Mills as affirmed by the Supreme Court. Interim relief was therefore granted in full, protecting the assessee from immediate recovery. Case-Laws Central Excise Thu, 03 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113910