https://www.taxtmi.com/caselaws?id=270143 Modvat credit under Rule 57R(3) for capital goods financed through a third-party arrangement was treated as available where duty had already been paid and the financing-company certificate could not be produced because of a dispute beyond the claimant's control. The certificate requirement was regarded as procedural rather than an absolute condition, so its non-production was not fatal on these facts. The note also records that, under Explanation 9 to Section 43 of the Income-tax Act, the financing company could not claim depreciation on the duty element already taken as Modvat credit. en-us Thu, 10 Dec 2015 00:00:00 +0530 Thu, 05 May 2016 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270143 Modvat credit under Rule 57R(3) for capital goods financed through a third-party arrangement was treated as available where duty had already been paid and the financing-company certificate could not be produced because of a dispute beyond the claimant's control. The certificate requirement was regarded as procedural rather than an absolute condition, so its non-production was not fatal on these facts. The note also records that, under Explanation 9 to Section 43 of the Income-tax Act, the financing company could not claim depreciation on the duty element already taken as Modvat credit. Case-Laws Central Excise Thu, 10 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270143