Modvat credit cannot be denied for invoice endorsements where prescribed particulars are complete and duty payment is undisputed.

Modvat credit could not be denied where the invoices contained the prescribed particulars and the duty-paid nature of the inputs was not disputed. The only objection was the endorsement "not for sale" and the reference to "A/c M/s. IPL", but those markings did not make the invoices defective for credit purposes. The Tribunal also followed an earlier decision on the same notification and identical issue. On that basis, the credit claim was upheld and the Revenue's challenge failed.

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Issues: Whether Modvat credit could be denied merely because the invoices bore the endorsement "not for sale" / "A/c M/s. IPL" even though the prescribed particulars were otherwise present.

Analysis: The invoices were not shown to be deficient in the particulars prescribed by the Board. The only objection was the endorsement "not for sale". The duty-paid nature of the inputs was not disputed. The Tribunal also relied on an earlier decision on the same notification and identical issue, where credit had been allowed to the assessee.

Conclusion: Modvat credit could not be denied on that ground, and the Revenue's appeals were rejected.

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