Modvat credit on imported goods cannot be denied for invoice timing defects where registration and factual compliance support admissibility.

Modvat credit on imported goods could not be denied merely because the dealer's invoices were not pre-authenticated or because the receipt entry was made beyond six months from the Bill of Entry date. The goods had been imported before the dealer obtained registration, but the invoices were issued after registration, and the Bill of Entry date had to be notionally reckoned rather than treated like a formal invoice issue date. On those facts, invoices issued by the importer-cum-registered dealer after registration were not invalid, and the cited precedent supported admissibility of credit. Denial of Modvat credit was therefore unjustified, and the assessee was entitled to the credit.

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Issues: Whether Modvat credit on imported goods could be denied on the ground that the dealer's invoices were not pre-authenticated and that the receipt entry was beyond six months from the date of the Bill of Entry.

Analysis: The imported goods were cleared before the dealer obtained registration, but the invoices were issued only after registration. The Bill of Entry does not carry a formal date of issue in the same manner as a Central Excise invoice, and the date of issue is to be notionally reckoned. On the facts, the invoices issued by the importer-cum-registered dealer after registration could not be treated as invalid merely because the goods had been imported earlier or because the entry was made beyond six months from the Bill of Entry date. The cited precedent supported the view that such credit cannot be denied in these circumstances.

Conclusion: Denial of Modvat credit was unjustified, and the credit was admissible in favour of the assessee.

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