Adjustment of credit: Modvat upward variation disallowed where original proforma credit was taken; recover excess credits. The Board holds that where an original credit was taken under the earlier proforma mechanism prior to conversion to the Modvat ledger, subsequent upward variation of Modvat credit is not permissible; later amendments allowing upward variation do not apply to such pre existing credits. Collectorates should review similar cases and recover any excess Modvat credit taken.
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.
Adjustment of credit: Modvat upward variation disallowed where original proforma credit was taken; recover excess credits.
The Board holds that where an original credit was taken under the earlier proforma mechanism prior to conversion to the Modvat ledger, subsequent upward variation of Modvat credit is not permissible; later amendments allowing upward variation do not apply to such pre existing credits. Collectorates should review similar cases and recover any excess Modvat credit taken.
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