2003 (3) TMI 376

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..... nt. [Order]. During July, 93 to December, 93, the respondent took Modvat credit on inputs received on the strength of subsidiary certificate. Physical inputs were received prior to the date of certificate, but credit was taken in each case, after the certificate was received. After issue of show cause notices, the Assistant Commissioner dropped the demand but imposed a penalty of Rs. 1,0 .....

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..... words, it cannot become a basis for the show cause notice. The physical receipt of the inputs and the receipt of the modvatable documents may not be simultaneous. Rule 57G(2) as it existed at the material time, took notice of this fact in the first proviso thereto. The show cause notice itself shows that in each case, the credit was taken by the assessee only after the physical receipt of both th .....

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