https://www.taxtmi.com/caselaws?id=51630 Modvat credit was examined in relation to CVD discharged through debit entries in a DEPB pass book, where the Bill of Entry bore the corresponding endorsement. The note treats the endorsed Bill of Entry as a specified and effective duty-paying document under the Modvat scheme, and regards the DEPB debit as equivalent in substance to cash payment. On that basis, denial of credit for want of cash payment was described as a purely formal distinction inconsistent with the object of Modvat, namely avoidance of cascading duty. The stated result is that Modvat credit was admissible on the disputed CVD amount. en-us Mon, 25 Nov 2002 00:00:00 +0530 Mon, 27 Sep 2010 12:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51630 Modvat credit was examined in relation to CVD discharged through debit entries in a DEPB pass book, where the Bill of Entry bore the corresponding endorsement. The note treats the endorsed Bill of Entry as a specified and effective duty-paying document under the Modvat scheme, and regards the DEPB debit as equivalent in substance to cash payment. On that basis, denial of credit for want of cash payment was described as a purely formal distinction inconsistent with the object of Modvat, namely avoidance of cascading duty. The stated result is that Modvat credit was admissible on the disputed CVD amount. Case-Laws Central Excise Mon, 25 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51630