Modvat credit on pre-31-3-1994 invoices endorsed later was upheld as valid under the Board circular.

Invoices issued before 31-3-1994 and endorsed later were treated as valid documents for availing Modvat credit, as clarified by the Board's Circular No. 600/37/2001-CX dated 19-11-2001. On that basis, denial of credit was not justified and the Department's appeal was rejected.

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Issues: Whether Modvat credit could be denied in respect of invoices issued before 31-3-1994 but endorsed thereafter.

Analysis: The dispute turned on the validity of invoices issued before 31-3-1994 and endorsed later for the purpose of availing Modvat credit. The Board's Circular No. 600/37/2001-CX dated 19-11-2001 clarified that such invoices were valid documents, supporting the assessee's claim.

Conclusion: The Department's appeal was not sustainable and stood rejected.

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