Accrued exemption credit survives rescission and remains usable unless the scheme expressly says otherwise.

Credit validly earned under Notification No. 27/87 survived its rescission and remained available as a vested entitlement unless the governing scheme expressly provided otherwise. The legal effect of rescission did not extinguish the accumulated money credit, and its utilisation after 25-8-1989 was therefore permissible. Interim protection allowing use of the accrued credit aligned with that position, while any alleged wrongful utilisation under a later notification was outside the scope of the petition. The challenge to denial of utilisation consequently failed.

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Issues: Whether the accumulated money credit earned under Notification No. 27/87 could be utilised after that notification was rescinded on 25-8-1989.

Analysis: The issue turned on the legal effect of rescission of the notification under which the credit had accrued. The controlling view accepted that the accumulated credit was not wiped out by rescission and remained available as a vested entitlement. The interim protection granted by the Court, permitting utilisation of the accrued credit, was consistent with that position. Any alleged wrongful utilisation of credit under a subsequent notification was outside the scope of the petition.

Conclusion: The accumulated credit under Notification No. 27/87 did not lapse on rescission and could be validly utilised by the petitioners; the challenge to the denial of such utilisation failed.

Ratio Decidendi: Credit validly accrued under a rescinded exemption or credit notification survives rescission as a vested right and may be utilised unless the governing scheme expressly provides otherwise.

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