1998 (4) TMI 290

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....Agarwal, Advocate, for the Respondent. [Order per : P.C. Jain, Member (T)]. - The short question involved in this matter is whether the consignment of wire rods which the respondents herein had obtained from the open market without the cover of a gate pass would be entitled to the benefit of exemption under Notification No. 202/88. It is stated that in all other cases they had been availing ....

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.... is admitted by the Revenue that separate records were being maintained by the respondents in respect of duty paid wire rods received by them for availing Modvat credit and utilised in the manufacture of steel wire. Therefore, by the process of elimination, since no entry relating to this particular consignment was mentioned in the records pertaining to the Modvat Scheme, the respondents submit se....

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....s, it does not imply that separate record for such input has been maintained. Lack of record is not maintenance of record. 4. Ld. Counsel further submits for the respondents that a substantive benefit should not denied merely for a procedural lapse. We do not agree with this submission. Maintenance of separate records for simultaneous availment of Modvat scheme and exemption for the same i....