https://www.taxtmi.com/caselaws?id=114995 A purchaser of iron and steel inputs was entitled to deemed Modvat credit under Notification No. 58/97 where the supplier had discharged duty under the compounded levy scheme under Section 3A and the invoice carried the required declaration. The notification did not require verification of the exact correctness of the duty actually paid by the supplier, and the flat credit rate of 12% of input value operated once duty payment under Section 3A was shown. The buyer therefore could not be denied credit merely because Revenue disputed the supplier's duty liability. The denial of deemed credit was unsustainable, and the assessee was entitled to the benefit. en-us Fri, 15 Oct 2004 00:00:00 +0530 Tue, 22 May 2012 17:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114995 A purchaser of iron and steel inputs was entitled to deemed Modvat credit under Notification No. 58/97 where the supplier had discharged duty under the compounded levy scheme under Section 3A and the invoice carried the required declaration. The notification did not require verification of the exact correctness of the duty actually paid by the supplier, and the flat credit rate of 12% of input value operated once duty payment under Section 3A was shown. The buyer therefore could not be denied credit merely because Revenue disputed the supplier's duty liability. The denial of deemed credit was unsustainable, and the assessee was entitled to the benefit. Case-Laws Central Excise Fri, 15 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114995