Delayed Cenvat credit cannot be denied absent an express statutory time limit for availment.

Cenvat credit could not be denied merely because it was availed belatedly. The Cenvat Credit Rules contained no express time limit for taking credit after receipt of inputs or input services, and the Revenue's reliance on a supposed reasonable period had no statutory basis. Board instructions also did not prescribe any enforceable time restriction. The objection based solely on delay was therefore untenable, and credit remained admissible in the absence of a specific rule barring late availment.

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Issues: Whether Cenvat credit could be denied merely because it was taken after a delay, and whether the rules prescribed any time limit or reasonable period for availing such credit.

Analysis: The rule relied upon by the Revenue did not create any express bar against taking credit after the receipt of inputs or input services, nor did the Cenvat Credit Rules prescribe any time limit for availment of credit. The plea that credit must be taken within a reasonable period had no statutory basis. The supplementary instructions of the Board also did not lay down any time limit that could justify denial of credit solely on the ground of delay.

Conclusion: Credit could not be denied merely because it was availed belatedly, and the objection based on a so-called reasonable period was untenable.

Ratio Decidendi: In the absence of an express statutory time limit, Cenvat credit cannot be denied solely on the ground of delayed availment.

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