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2009 (1) TMI 520 - PATNA HIGH COURTCenvat credit - credits were taken without satisfying the procedure provided under Rule 57R(3) of the Central Excise Rules, 1944 and the assessee was required to show cause as to why the said credits be not disallowed - Assessee filed its reply, inter alia, contending that all the capital goods in question were directly purchased or imported by it on principal to principal basis and were not acquired by it on lease, hire-purchase or loan agreement nor these were acquired by any financing company and it being the owner of the said goods the procedure under Rule 57R(3) of the Central Excise Rules, 1944 (hereinafter referred to as the ‘Rules’) is not required to be followed - Held that:- provision of Rule 57R(3) of the Rules is required to be followed even when the capital goods were acquired by the assessee under a loan agreement from the bank, decision in favour of the revenue and against the assessee.
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