Modvat credit admissibility upheld for duty-paid inputs received on a proforma invoice, with the regular invoice produced promptly.

Modvat credit was treated as admissible where duty-paid inputs were received under a proforma invoice and the regular invoice, being a prescribed document, was produced within three days. The document treats the proforma invoice as sufficient for credit purposes in these facts, and finds no legal infirmity or discrepancy in the availment of credit. The statutory provisions were read to preserve entitlement rather than deny credit on a technical irregularity, so the Revenue's objection failed.

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Issues: Whether modvat credit could be denied for receipt of inputs under a proforma invoice when the regular invoice was received within three days and the inputs were duty-paid.

Analysis: The inputs were found to have suffered duty and the proforma invoice was treated as an invoice for the purpose of credit under the rules. The regular invoice, which was a specified document, was produced within three days. In these circumstances, no discrepancy or legal infirmity was found in the availment of credit, and the statutory provisions were read in a manner that preserved the entitlement rather than defeating it on a technicality.

Conclusion: Credit was admissible and the Revenue's challenge failed.

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