https://www.taxtmi.com/caselaws?id=97735 The Tribunal upheld the Commissioner's decision allowing Modvat credit and rejected the Revenue's appeal against the denial of credit by the Deputy Commissioner. The Tribunal clarified that filing a declaration with proper receipt constitutes obtaining acknowledgment, and no separate acknowledgment is necessary. Additionally, the Tribunal held that the term "financial company" in Rule 57R(3) includes banks, and procedural lapses in invoices should not prevent claiming Modvat credit, although incomplete invoices require further verification. The matter was remanded for fresh adjudication by the Assistant Commissioner based on these findings. en-us Fri, 12 Jan 2001 00:00:00 +0530 Tue, 17 Jan 2012 18:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97735 The Tribunal upheld the Commissioner's decision allowing Modvat credit and rejected the Revenue's appeal against the denial of credit by the Deputy Commissioner. The Tribunal clarified that filing a declaration with proper receipt constitutes obtaining acknowledgment, and no separate acknowledgment is necessary. Additionally, the Tribunal held that the term "financial company" in Rule 57R(3) includes banks, and procedural lapses in invoices should not prevent claiming Modvat credit, although incomplete invoices require further verification. The matter was remanded for fresh adjudication by the Assistant Commissioner based on these findings. Case-Laws Central Excise Fri, 12 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97735