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Issues: Whether MODVAT credit could be denied on the ground that it was taken on the strength of an endorsed Bill of Entry, where the imported goods were transferred before Customs clearance and the Bill of Entry contained the requisite endorsement by the Customs authority.
Analysis: The governing Board circular clarified that when imported goods are transferred before Customs clearance, the Bill of Entry may be endorsed by the proper Customs officer to enable the manufacturing unit to avail credit. On the facts, the goods were imported and then transferred before clearance, and the Bill of Entry contained the necessary declaration duly endorsed by the Customs authority. In these circumstances, the endorsed Bill of Entry answered the requirement of the circular and supported availment of credit.
Conclusion: MODVAT credit could not be denied to the assessee on the ground that it was taken on the strength of an endorsed Bill of Entry.
Final Conclusion: The denial of credit was unsustainable and the assessee was entitled to the benefit of credit.
Ratio Decidendi: Where imported goods are transferred before Customs clearance and the Bill of Entry is duly endorsed by the proper Customs authority in accordance with the Board circular, MODVAT credit cannot be refused merely because the credit is taken on the endorsed Bill of Entry.
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