https://www.taxtmi.com/caselaws?id=208275 Modvat credit on capital goods acquired under a bank loan and hypothecation arrangement was held to remain subject to Rule 57R(3) of the Central Excise Rules, 1944. The Court reasoned that hypothecation did not change the fact that the goods were procured through financing for their cost, so the manufacturer had to satisfy the prescribed documentary requirements, including production of the invoice and the financing-company certificate. Ownership in the assessee's name was insufficient to bypass the statutory procedure. Compliance with Rule 57R(3) was therefore mandatory, and the questions were answered in favour of the Revenue. en-us Thu, 15 Jan 2009 00:00:00 +0530 Tue, 10 Jan 2012 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208275 Modvat credit on capital goods acquired under a bank loan and hypothecation arrangement was held to remain subject to Rule 57R(3) of the Central Excise Rules, 1944. The Court reasoned that hypothecation did not change the fact that the goods were procured through financing for their cost, so the manufacturer had to satisfy the prescribed documentary requirements, including production of the invoice and the financing-company certificate. Ownership in the assessee's name was insufficient to bypass the statutory procedure. Compliance with Rule 57R(3) was therefore mandatory, and the questions were answered in favour of the Revenue. Case-Laws Central Excise Thu, 15 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208275