TMI Blog2014 (11) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed - Decided in favour of assessee. - Appeal No. : E/190/2008 - ORDER No. A/11715 / 2014 - Dated:- 26-9-2014 - Mr. H.K. Thakur, J. For the Appellant: Shri V.S. Sejpal, Advocate For the Respondent : Shri Govind Jha, A.R. JUDGEMENT Per : Mr. H.K. Thakur; This extension application and appeal have been filed by the appellant with respect to OIA No. ID/87/Daman/2007 dated 31.12.2007 passed by Commissioner (Appeals), Daman. Under this OIA dated 31.12.2007, first appellate authority has upheld the OIO No. 21/Dem/ADJ/JC/2006 dated 26.12.2006 passed by the adjudicating authority. 2. Shri V.S. Sejpal (Advocate) appearing on behalf of the appellant argued that CENVAT credit is denied by the first appellate authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 4 : Conditions for allowing CENVAT credit.- (1) to (2) - (3) The CENVAT credit in respect of the capital goods shall be allowed to a manufacturer even if the capital goods are acquired by him on lease, hire purchase or loan agreement, from a financing company. 4.2 It is observed from the case laws relied upon by the appellant that this Bench in the case of Leamak Healthcare Pvt. Limited has held that the words used in Rule 4(3) are even if the capital goods are acquired which does not debar Cenvat credit taken on capital goods given by a Company who is not a financing Company. Para 8 and 9 of this judgment are reproduced below:- 8. As is seen from the above, credit in respect of capital goods is available i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... must be acquired from a financing company and any other acquisition of capital goods from the company, who is not a financing company, will disentitle the availment of Modvat Credit. Interpretation adopted by the Commissioner would defeat the very legislative intent of allowing Modvat Credit in respect of capital goods. 4.3 In view of the above observations and interpretations cenvat credit was correctly availed by the appellant and appeal filed by the appellant is required to be allowed. 4.4 As the appeal is being allowed on merits, therefore, no opinion is given by the Bench with respect to time barred nature of the demand. 5. Appeal filed by the appellant is allowed. Extension application filed by the appellant also disposed of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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