Modvat credit transitional rule: Board clarifies no declaration required but verification must occur before credit. Modvat credit for inputs in stock received on or after 1-3-1986 and up to 31-3-1986 does not require a formal declaration under Rule 57G; however, the Assistant Collector must perform the verifications mandated by Rule 57H before allowing the credit, and any contrary demands should be rectified.
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Provisions expressly mentioned in the judgment/order text.
Modvat credit transitional rule: Board clarifies no declaration required but verification must occur before credit.
Modvat credit for inputs in stock received on or after 1-3-1986 and up to 31-3-1986 does not require a formal declaration under Rule 57G; however, the Assistant Collector must perform the verifications mandated by Rule 57H before allowing the credit, and any contrary demands should be rectified.
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