https://www.taxtmi.com/caselaws?id=114684 Modvat credit is available only when inputs are actually received in the factory, so duty-paid invoices alone do not satisfy the statutory condition. On the facts noted, the assessee accepted that the full invoiced quantity had not been received, and the short receipt was not treated as a minor variation; credit on the short-received inputs was therefore denied. A composite mandatory penalty under Rule 57I(4) read with Section 11AC was not sustainable because part of the disputed period preceded the commencement of Section 11AC; the penalty was set aside. Interest under Rule 57I(5) remained recoverable as provided by law. en-us Tue, 16 Nov 2004 00:00:00 +0530 Fri, 18 May 2012 18:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114684 Modvat credit is available only when inputs are actually received in the factory, so duty-paid invoices alone do not satisfy the statutory condition. On the facts noted, the assessee accepted that the full invoiced quantity had not been received, and the short receipt was not treated as a minor variation; credit on the short-received inputs was therefore denied. A composite mandatory penalty under Rule 57I(4) read with Section 11AC was not sustainable because part of the disputed period preceded the commencement of Section 11AC; the penalty was set aside. Interest under Rule 57I(5) remained recoverable as provided by law. Case-Laws Central Excise Tue, 16 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114684