Modvat credit entitlement clarified: invoices issued by specified persons up to the year-end accepted for credit regularisation. Modvat credit may be regularised for inputs in stock where invoices were issued by specified persons during the transitional period, if permissible under the controlling notification. The Board clarifies that its circular and notification allow Assistant Collectors to accept specified documents issued up to the end of the calendar year, and that credit under the rule may be allowed where invoices were issued by the specified persons up to year-end.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit entitlement clarified: invoices issued by specified persons up to the year-end accepted for credit regularisation.
Modvat credit may be regularised for inputs in stock where invoices were issued by specified persons during the transitional period, if permissible under the controlling notification. The Board clarifies that its circular and notification allow Assistant Collectors to accept specified documents issued up to the end of the calendar year, and that credit under the rule may be allowed where invoices were issued by the specified persons up to year-end.
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