Admissibility of deemed credit on Iron & Steel Scrap lying in balance with assessees on 28-8-1986 Point No. 11 of the Monthly Modvat meeting held at Pune on 23-6-1989 regarding
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Deemed credit on steel scrap preserved for transitional balances; subsequent credit requires production of duty payment documents. Deemed credit on steel scrap was available without duty payment documents prior to 29-8-1986 but that facility was withdrawn with effect from 29-8-1986, making credit on scrap admissible thereafter only on production of duty payment documents. Deemed credit balances allowed under the earlier order dated 7-4-1986 and standing on 28-8-1986 may be used for payment of duty on final products.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed credit on steel scrap preserved for transitional balances; subsequent credit requires production of duty payment documents.
Deemed credit on steel scrap was available without duty payment documents prior to 29-8-1986 but that facility was withdrawn with effect from 29-8-1986, making credit on scrap admissible thereafter only on production of duty payment documents. Deemed credit balances allowed under the earlier order dated 7-4-1986 and standing on 28-8-1986 may be used for payment of duty on final products.
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