https://www.taxtmi.com/caselaws?id=52567 Modvat credit on capital goods financed through a lease arrangement was admissible because the financing agreement excluded the duty component eligible for Modvat, so Rule 57R(3)(ii)(b) could not be invoked to deny credit. Credit also could not be refused merely for absence of an RG 23 Part I entry where invoices, gate records, payment details, computer records and RG 23 Part II entries otherwise evidenced receipt and accounting of the goods. The appellate result was that the disputed Modvat credits and related penalties were set aside, while the undisputed interest and penalty amounts were maintained. en-us Fri, 19 Dec 2003 00:00:00 +0530 Wed, 06 Oct 2010 15:42:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52567 Modvat credit on capital goods financed through a lease arrangement was admissible because the financing agreement excluded the duty component eligible for Modvat, so Rule 57R(3)(ii)(b) could not be invoked to deny credit. Credit also could not be refused merely for absence of an RG 23 Part I entry where invoices, gate records, payment details, computer records and RG 23 Part II entries otherwise evidenced receipt and accounting of the goods. The appellate result was that the disputed Modvat credits and related penalties were set aside, while the undisputed interest and penalty amounts were maintained. Case-Laws Central Excise Fri, 19 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52567