Cenvat credit on duty-paid inputs remains admissible despite later invoice value revision through debit notes or credit notes.

Cenvat credit on duty-paid inputs was not liable to be reduced merely because the supplier later revised the invoice value through debit notes or credit notes. The Tribunal noted that the duty actually paid on the inputs remained unchanged despite the subsequent price revision, and followed the settled position reflected in the Board circular and earlier identical Tribunal precedent. On that basis, reduction in assessable value alone did not justify recovery of credit already availed, and the credit was held admissible.

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Issues: Whether Cenvat credit taken on duty paid inputs was liable to be reduced merely because the supplier's invoice value was later reduced through debit notes or credit notes.

Analysis: The dispute concerned the effect of subsequent revision of the input price on credit already availed. The Tribunal noted that the duty actually paid on the inputs did not change because of later debit notes or credit notes, and relied on the settled position reflected in the Board circular and the Tribunal's earlier final order covering identical facts. On that basis, the reduction in assessable value by itself was held not to justify recovery of the already availed credit.

Conclusion: The credit was held to be admissible and was not liable to be recovered on account of the subsequent price revision.

Ratio Decidendi: Subsequent reduction in the assessable value of inputs through debit notes or credit notes does not, by itself, affect the duty paid on those inputs or the admissibility of Cenvat credit already taken.

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