https://www.taxtmi.com/caselaws?id=84053 Higher notional Modvat credit could not be denied merely because it was taken after receipt of the inputs, since Rule 57B fixed no specific time for claiming it. The Tribunal held that the governing test was whether the credit was claimed within a reasonable time, and treated six months from eligibility as reasonable in the context of the excise scheme and allied tax legislation. As the credit was taken within that period, it remained admissible and could not be disallowed only because it was not entered at the time of input receipt or when filing the RT-12 return. The consequential demand and penalty therefore were not sustainable. en-us Fri, 22 May 1992 00:00:00 +0530 Tue, 19 Jul 2011 15:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84053 Higher notional Modvat credit could not be denied merely because it was taken after receipt of the inputs, since Rule 57B fixed no specific time for claiming it. The Tribunal held that the governing test was whether the credit was claimed within a reasonable time, and treated six months from eligibility as reasonable in the context of the excise scheme and allied tax legislation. As the credit was taken within that period, it remained admissible and could not be disallowed only because it was not entered at the time of input receipt or when filing the RT-12 return. The consequential demand and penalty therefore were not sustainable. Case-Laws Central Excise Fri, 22 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84053