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<h1>Supreme Court ruling: NALCO to reverse Modvat credit, Petitioner allowed duty-free import release</h1> The Supreme Court held in 1997 that NALCO must reverse Modvat credit as per Excise Law. Petitioner allowed to release imported goods without duty payment. ... - The Supreme Court in 1997 ruled that NALCO must reverse Modvat credit if required by Excise Law. The petitioner can release imported goods without paying customs duty. Special Leave Petitions are disposed of accordingly.