Tiem period for availling cenvat

immediately after the receipt it should be accounted, however there is no time limit prescribed, but in no case it should exceed the financial year ending, as after finalization of accounts, such credit can not be taken of previous year.

As per law credit should be taken "immediately".  There is definition for "Immediate". There is a judgement from Karnataka court that "Immediate" means 6 months.

No time limit is precribed under the law for taking Cenvet credit.In rule 4 of the cenvet credit rule the word used is 'immediately'.The department has already clarified that immediately does not mean that if the same is not taken  as soon as input is received in the factory,the benefit of credit is denied [chapter 5 para 3.5 CBEC's supplementary instruction].There are numerous judicial pronouncement in this regard which says that in Law no time limit is prescribed for taking cenvet Credit.