9911796707
TMI Blog1990 (7) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... in 1987, credit of duty on inputs could be availed of by a manufacturer immediately before obtaining the dated acknowledgment of the declaration and restricting the benefit in respect of the inputs to one month prior to the date of receipt of the declaration. 2. Shri A. Vijayaraghavan, Learned Consultant for the appellant submitted that when the lower Appellate Authority has not disputed the fact that the goods were purchased from the open market and deemed credit would be available under Rule 57E proviso, his reasoning that credit will be available only for a period of one month prior to the filing of the declaration, is not tenable. The Learned Consultant also in this context relied upon the ruling of the Bench of this Tribunal in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from the factory, on or after the 1st day of March 1987 and that no credit has been taken by manufacturer in respect of such inputs under any other rule or notification provided that such inputs are not used in manufacture of final product which is exempt from the whole of the duty of excise leviable thereon or is chargeable to nil rate of duty. Therefore, inputs immediately received before the dated acknowledgement of the declaration, if other conditions stated above are satisfied are eligible for Modvat credit under the Govt. of India s letter which was in force during October, 1987. The question is what is the definition of immediately received before dated acknowledgement . I have held in earlier appeal cases that a period of one mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterpretation would only lead to incongruous situation where it may so happen that the goods which were manufactured even in the previous year and had not yet been cleared from the manufacturer s factory or were in the stream of the market for being brought to the factory for manufacturing the end product in respect of which Modvat credit was available, the same would on receipt even after filing of declaration for the benefit of the Modvat credit could be taken into account and the goods which were received much earlier and lying in stock with the appellants would not get the benefit." Following the ratio of the Bench ruling cited supra, we hold that the reasoning of the lower Appellate Authority in restricting the period for availing de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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