2002 (2) TMI 106

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....Jawahar Lal Gupta, J. (Oral)]. - The respondent is engaged in the manufacture of iron and steel products. It availed of Modvat credit to the tune of Rs. 2,65,716/-. The claim as made by the assessee was disallowed on the ground that the document had been endorsed more than once. According to the instructions issued by the Central Board of Excise and Customs vide letter, dated January 23, 1989, Mod....

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....he Counsel does not dispute that there is nothing on record to show that any one had actually derived any benefit in pursuance to the first endorsement. Still further, it is also not disputed that the circulars issued by the Board are not binding on the quasi-judicial authorities under the Act. It is also clear to us that the purpose of the instructions could only be to ensure that chance of doubl....