Modvat credit under Rule 57H upheld where stock disclosure and business records supported the assessee's claim.

Modvat credit under Rule 57H was treated as admissible where the assessee's stock/input statement was shown to have been filed in August 1987 and the departmental record carried a Superintendent's endorsement verifying Bill No. 82. Later statements were regarded as only a different form of the same disclosure, and the assessee's regular business records were not discredited. On that basis, the objection that the pre-declaration stock statement had not been produced or verified was rejected, and the Revenue's challenge failed.

---

---

Issues: Whether Modvat credit under Rule 57H was admissible when the assessee had filed the stock/input statement in August 1987 and the Department disputed its later verification and form.

Analysis: The statement relied upon by the Department was found to have been submitted in August 1987 itself, and the record contained an endorsement by the Superintendent showing verification of Bill No. 82. The later statements were treated as only a different form of the same disclosure. The Tribunal also noted that the assessee's regular business records were not challenged and there was no reason to ignore entries maintained in the ordinary course of business. On these facts, the objection that the pre-declaration stock statement had not been produced or verified was rejected.

Conclusion: The Modvat credit claim under Rule 57H was admissible, and the Revenue's appeal was dismissed.

---