Modvat credit: notional or differential credit cannot be claimed later; entitlement must be exercised on receipt of inputs. The Board clarifies that Modvat credit cannot be taken notionally at a later date where an assessee initially availed credit of duty actually paid even if eligible for higher credit under Rule 57B, because the Modvat rules do not permit post-facto notional credit and entitlement must be exercised at the time of receipt of inputs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Modvat credit: notional or differential credit cannot be claimed later; entitlement must be exercised on receipt of inputs.
The Board clarifies that Modvat credit cannot be taken notionally at a later date where an assessee initially availed credit of duty actually paid even if eligible for higher credit under Rule 57B, because the Modvat rules do not permit post-facto notional credit and entitlement must be exercised at the time of receipt of inputs.
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