TaxTMI 
TaxTMI 
2015 (12) TMI 1447
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....t the assessee have paid the amount of CVD to them and that M/s KSFC have not claimed depreciation amount under the Income Tax Act?" 2. Heard learned counsel appearing for the appellant. No representation on behalf of the respondent. 3. The brief facts of the case are that the respondent filed a declaration on 01.02.1999 under Rule 57T of the Central Excise Rules, 1944 (hereinafter referred to as the 'Rules') for availing credit on capital goods. Modvat credit of Rs. 15,39,877/- was availed by the respondent on automatic winding machine which was procured from Karnataka State Financial Corporation (hereinafter referred to as 'KSFC'), under Rule 57T. The appellant proceeded against the respondent denying Modvat credit of Countervailing Du....
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....62. Further, it is contended that in the absence of furnishing the required documents as per Rule 57(6) of the Rules, the respondent is not entitled to claim Modvat credit, which is wrongly allowed by the Tribunal reversing the judgment of the Original Authority. 5. We have given our thoughtful consideration to the arguments addressed by learned counsel appearing for the Revenue and perused the records. The relevant portion of Rule 57R(3) of the Rules, is extracted herein for ready reference: "RULE 57R. Credit of duty not to be allowed or denied or varied in certain circumstances and adjustment in duty credit. - (1) xxxx (2) xxxx (3) The credit of the specified duty paid on the capital goods shall be allowed to a manufacturer if....
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.... disputes between the KSFC and the respondent, the respondent was not in a position to make available of the required documents to be placed before the authorities as per Rule 57(6) of the Rules, which would not be fatal to the case. The non-compliance of the said Rule would not disentitle the respondent from availing the Modvat credit having deposited the countervailing duty as prescribed under the Rules. The Tribunal having accepted this contention and following the law laid down by the Apex Court in the case of Commissioner of Customs (imports) -vs- Tullow India Operations Ltd. (2005) 13 SCC 789 has given a finding that the denial of Modvat credit to the appellant on the ground that KSFC has not furnished the required certificate would r....