2003 (11) TMI 228

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..... or to payment of lease rental in capital goods acquired under lease agreements in contravention of Rule 57(3)(ii)(b). 2. The rules permit the eligibility of credit on the capital goods taken on lease/rental Rule 57R(3) as the rule was enacted on 1-3-1994, thereafter an amendment was brought vide Notification No. 26/94-C.E. (N.T.), dated 17-6-1994 which substitute sub-rule (3) and the substituted .....

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..... ments cannot turn the 'lessor' as a finance company or financing as arrived at by the lower authority since 'lessor' would always have had financed the purchase of the property being 'leased' out by him that would not turn a 'lessor' into a 'Financing Company'. 3. Since the supplier of the moulds is not found to be a 'Financing Company', the stipulation of procedure of Rule 57R(3)(ii)(b) would n .....

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