https://www.taxtmi.com/caselaws?id=75462 A retrospective amendment to the Central Excise Act, 1944 validated the rule-making power to provide for lapsing of Modvat credit, so Rule 57F(17)(c) could not be treated as without authority. On that basis, credit that had accrued before the Compounded Levy Scheme was introduced could not be revived or utilised after the scheme was withdrawn, and the credit demand was upheld subject to adjustment of pre-deposit. However, although the liability to pay the demand survived under the amended legal framework, the penal consequence was not sustained on the facts, and the penalty was set aside. The assessee therefore obtained only partial relief. en-us Thu, 18 Jun 2009 00:00:00 +0530 Fri, 16 Apr 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75462 A retrospective amendment to the Central Excise Act, 1944 validated the rule-making power to provide for lapsing of Modvat credit, so Rule 57F(17)(c) could not be treated as without authority. On that basis, credit that had accrued before the Compounded Levy Scheme was introduced could not be revived or utilised after the scheme was withdrawn, and the credit demand was upheld subject to adjustment of pre-deposit. However, although the liability to pay the demand survived under the amended legal framework, the penal consequence was not sustained on the facts, and the penalty was set aside. The assessee therefore obtained only partial relief. Case-Laws Central Excise Thu, 18 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75462