https://www.taxtmi.com/caselaws?id=32044 Modvat credit on deemed stock of fabrics could not be denied merely because the assessee filed a revised stock declaration. The Tribunal found that the factual record showed the fabrics were available on the relevant date and that the revised declaration did not, by itself, defeat entitlement to credit. It applied the principle that substantive credit benefits cannot be refused on a purely procedural or technical lapse when the duty-paid character of the goods and stock eligibility are established. Credit was therefore allowed and the denial was held unjustified. en-us Thu, 23 Aug 2007 00:00:00 +0530 Sat, 10 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32044 Modvat credit on deemed stock of fabrics could not be denied merely because the assessee filed a revised stock declaration. The Tribunal found that the factual record showed the fabrics were available on the relevant date and that the revised declaration did not, by itself, defeat entitlement to credit. It applied the principle that substantive credit benefits cannot be refused on a purely procedural or technical lapse when the duty-paid character of the goods and stock eligibility are established. Credit was therefore allowed and the denial was held unjustified. Case-Laws Central Excise Thu, 23 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32044