https://www.taxtmi.com/caselaws?id=117229 Modvat credit on countervailing duty paid on capital goods could not be denied merely because the financier's certificate was not produced, where duty payment was undisputed and the assessee had informed the financier that credit would be claimed. Rule 57R required such certification in lease or loan financing arrangements and linked the credit claim to denial of depreciation on the duty component under income-tax law. The non-production of the certificate arose from a dispute with the financier and was beyond the assessee's control. The substantive credit was therefore not defeated by this procedural lapse, and the benefit was allowed to the assessee. en-us Tue, 10 Jan 2006 00:00:00 +0530 Thu, 21 Jun 2012 12:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117229 Modvat credit on countervailing duty paid on capital goods could not be denied merely because the financier's certificate was not produced, where duty payment was undisputed and the assessee had informed the financier that credit would be claimed. Rule 57R required such certification in lease or loan financing arrangements and linked the credit claim to denial of depreciation on the duty component under income-tax law. The non-production of the certificate arose from a dispute with the financier and was beyond the assessee's control. The substantive credit was therefore not defeated by this procedural lapse, and the benefit was allowed to the assessee. Case-Laws Central Excise Tue, 10 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117229