https://www.taxtmi.com/caselaws?id=52524 Credit on capital goods taken on lease was held admissible because the restriction in Rule 57R(3)(ii)(b) applied only where the lessor was a financing company. The supplier acted merely as lessor under the lease arrangement and could not be treated as a financing company simply because it financed the purchase of the goods. As the specific procedural condition was inapplicable, denial of credit had no basis. Once the credit was found allowable, the accompanying penalty also could not survive. en-us Thu, 20 Nov 2003 00:00:00 +0530 Wed, 06 Oct 2010 13:07:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52524 Credit on capital goods taken on lease was held admissible because the restriction in Rule 57R(3)(ii)(b) applied only where the lessor was a financing company. The supplier acted merely as lessor under the lease arrangement and could not be treated as a financing company simply because it financed the purchase of the goods. As the specific procedural condition was inapplicable, denial of credit had no basis. Once the credit was found allowable, the accompanying penalty also could not survive. Case-Laws Central Excise Thu, 20 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52524