https://www.taxtmi.com/caselaws?id=75628 Where a compounded levy scheme applied only to non-alloy steel ingots, Modvat credit attributable to alloy steel ingots could still be retained and used for duty payment on relevant stock cleared later. The lapse provision under Rule 57F(17)(c) operated only to the extent the credit related to goods covered by the scheme, so credit linked to alloy steel ingots did not lapse merely because the assessee had entered the compounded levy regime. The credit position had to be examined product-wise, and no reversal was required for credit outside the scheme. en-us Thu, 11 Mar 2010 00:00:00 +0530 Sat, 30 Oct 2010 16:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75628 Where a compounded levy scheme applied only to non-alloy steel ingots, Modvat credit attributable to alloy steel ingots could still be retained and used for duty payment on relevant stock cleared later. The lapse provision under Rule 57F(17)(c) operated only to the extent the credit related to goods covered by the scheme, so credit linked to alloy steel ingots did not lapse merely because the assessee had entered the compounded levy regime. The credit position had to be examined product-wise, and no reversal was required for credit outside the scheme. Case-Laws Central Excise Thu, 11 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75628