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Issues: Whether Modvat credit on inputs could be validly taken after more than six months from the date of receipt of the inputs into the factory.
Analysis: The Tribunal followed its earlier consistent view that Modvat credit must be taken within a reasonable time, which it treated as six months from receipt of the inputs. Since the credit in the present case was taken after a lapse of more than six months, the belated availment could not be sustained.
Conclusion: The belated taking of Modvat credit was impermissible, and the demand restored by the jurisdictional Assistant Commissioner was upheld in favour of the Revenue.
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