https://www.taxtmi.com/caselaws?id=106054 A binding Board circular required verification by a nominated Cost Accountant before accepting reversal-based credit claims, and an adjudication made without that report was incomplete. On the stated facts, the demand and penalty confirmed under the Customs Act could not be finally sustained on the existing record because the assessee's claim of full Modvat credit reversal needed fresh examination after the mandated verification. The matter was therefore remanded to the original authority for de novo consideration in accordance with the circular and the statutory verification process. en-us Tue, 25 Sep 2001 00:00:00 +0530 Mon, 12 Mar 2012 14:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106054 A binding Board circular required verification by a nominated Cost Accountant before accepting reversal-based credit claims, and an adjudication made without that report was incomplete. On the stated facts, the demand and penalty confirmed under the Customs Act could not be finally sustained on the existing record because the assessee's claim of full Modvat credit reversal needed fresh examination after the mandated verification. The matter was therefore remanded to the original authority for de novo consideration in accordance with the circular and the statutory verification process. Case-Laws Customs Tue, 25 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106054