Modvat credit on invoices without pre-printed serial numbers supported waiver of pre-deposit and stay of recovery.

Denial of Modvat credit solely because invoices lacked pre-printed serial numbers was treated as covered by earlier Tribunal decisions favouring the assessee, and the contrary Larger Bench ruling was read as only a general principle of statutory interpretation, not as governing the specific issue. On that basis, the assessee was found to have established a prima facie case for interim relief, and waiver of pre-deposit with stay of recovery was granted pending final disposal of the appeal.

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Issues: Whether the appellant was entitled to waiver of pre-deposit and stay of recovery pending appeal on the ground that the dispute was covered by prior Tribunal decisions.

Analysis: The Tribunal found that the question of denial of Modvat credit merely because the invoices did not bear pre-printed serial numbers was directly covered by earlier Tribunal decisions in favour of the appellant. The contrary Larger Bench decision cited by the Revenue was treated as laying down only a general rule of statutory interpretation and not as a decision on the specific issue before the Tribunal. On that basis, the appellant was held to have made out a prima facie case for interim protection.

Conclusion: Waiver of pre-deposit and stay of recovery were granted in favour of the appellant pending final disposal of the appeal.

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